Mysore Property

For most of the Indians out there, a trip to Bangalore is never complete without visiting the Palace City Mysore. Moreover, it is also the most preferred weekend place to visit for the people. Though Mysore, for long, has been known as a tourist place for so many years, at present there is another good reason to know this about place. With Bangalore progressing industrially faster than what was planned out, the traffic mess is growing to intolerable levels. As a result, Mysore has become the next preferred destination for many companies. All these factors, together, have brought about a vast growth in Mysore real estate market. As a matter of fact, half of the residents in Bangalore have started buying pieces of land in Mysore over the past couple of years, and the number of investors is growing steadily.

Infrastructural Projects

Speaking about the set-up of companies, many domestic IT establishments have already set up their infrastructure in Mysore; the most important among them being Infosys. We have also heard news that other top companies like IBM, Accenture, Honeywell, and Cognizant Technologies will also raisie buildings for extending their business operations in Mysore. This will definitely have a direct impact on the retail and residential sectors too, greatly affecting the Mysore real estate’s popularity and rates.

The government has also undertaken several projects to improve the infrastructure. The important ones are the doubling of Mysore-Bangalore railway tracks, upgrade of Mysore airport and new Outer Ring Road (ORR) project. Needless to mention, the Bangalore-Mysore Infrastructure Corridor (BMIC) is the most significant of all the projects, which will reduce the travelling time between the two cities to just 90 minutes (which would be nothing less than magic to cover a distance of 140 kilometers in such a short span of time).

Property Rates in Mysore

Mysore property rates have shot up drastically with all these recent developments. The land price on the new ORR area ranges from Rs. 1,200 to 3,000 per sq. ft., which is approximately Rs. 5.2 -13 crores per acre of converted land. This rate reduces as you move on to the outskirts of the city and goes down to the range of Rs. 70 lakhs-2 crores per acre. With the growth in the popularity of apartment culture, there are several builders, today, who are investing in upcoming luxury apartments. The most notable builders are The Brigade Group, Sobha Developers, Puravankara Projects, Mittal, Sankalp and Premier Properties, which have also got great rapport in Bangalore realty sector.

A 2BHK flat (of 850 sq. ft.) from the Brigade Group (Brigade Sparkle) currently costs around Rs. 20 lakhs in J.P. Nagar area, while a 3BHK (1290 sq. ft.) flat is priced at around Rs. 30 lakhs. The same company is offering 3BHK flats in Yadavgiri in the range of Rs. 71 lakhs – Rs. 88 lakhs (approximately) for 2000-2400 sq. ft. area.

Post the completion of BMIC and other ongoing IT companies’ establishment, Mysore property rates are likely to grow two fold or even more than that.

Locations in Demand

Though there is a turbulence (and turbulence for good) in the Mysore real estate market, there are some specific areas that are in great demand; Vijayanagar, which is located in West Mysore, has grown rapidly in the realty field; thanks to the establishment of Infosys in this locality. The other reason for its growth is its proximity to the railway station.

Land availability for development in Dattagalli has led to the development of properties and affordable plots. Bannur Road is yet another area where there is a high rental demand; the expansion of airport is likely to raise demand in this vicinity too.

Conclusion

On the whole, the ever-growing popularity of the city as a tourist sport, establishment of IT companies, and great road and rail connectivity to the state capital has contributed to the rise in the rates of Mysore property.

Non-residents from Karnataka are also keen on investing in Mysore real estate for business and residential purposes, and the number of investors from outside the city will only grow with the passage of time. The opportunities are swelling, so are the rates.