Property Market of Mysore

Published: 26th September 2008
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The Mysore real estate has witnessed tremendous growth over the past few years, owing to its vicinity to country's Information Technology (IT) hub Bangalore.

Undoubtedly, property prices at the popular locations have already gone up three-fold in the past couple of years but the Bangalore-Mysore corridor road is said to further fuel the growth in Mysore property markets. As per experts, the enhancing connectivity between these two will have a positive impact on property prices and this is the right time to buy property in Mysore when the prices still fall in the moderate zone.

Commercial properties:
These days, many corporate giants are looking beyond the saturated, even referred as overheated, real estate market of Bangalore, as a result, commercial properties in Mysore are taken as a hot cake from both the perspectives of business operations and investment.
For instance, the commercial destination of Mysore Central, sites in or around Landsdown Building, Sajjan Rao Road, Devaraje Urs road, KT Street, 100 ft Road, Irwin Road and MG Road are among the hottest office spaces in Mysore.

Residential properties
With regard to its serene and peaceful surroundings, Mysore is among one of the most preferred residential locations in Karnataka. Interestingly, even the residents of Bangalore are finding it comfortable to stay in Mysore and keep working in Bangalore. Even, it is reasoned that a distance of 140 kilometers between Bangalore and Mysore takes lesser time to cover than hours-long grueling in the Bangalore traffic.

Construction of Outer Ring Road (ORR), earlier restricted to bigger cities only, in Mysore has also attracted the attention of buyers to the locations around the road.

The prices at the residential locations in Mysore hover between Rs 400 and Rs 4500 per sq ft.

Current Scenario:

Nearly 7,000-8,000 sites are ready to be sold in Mysore today, which translates into 1.6 crore square feet of residential plots in the city. Also, the scenario in the apartment market too is buoyant and anticipated to show fruitful results. Almost a whopping 3,000 flats are expected to be made available by the end of this year, which translates into 30 lakh square feet of private housing space in the coming year. Nearly Rs 600-700 crore is being invested into these private housing projects in the city by property builders developers.
Of the enquiries that real estate consultants receive, demand is driven nearly by 30 percent of IT professionals, and that too from techies based in Bangalore. Most of these IT professionals want to make a second or third investment here, and 15 percent of these techies are actually investing in the city. While a majority of these investors are keen on investments in developed land, others prefer built units. 60 percent of the people are looking for residential properties. 70 percent are short-term investors, while 30 percent are long-term investors. The real estate market in the city is on an upswing. According to property dealers, prices in the city are surging and they will continue to do so in the near future, and that this is the right time to invest in property here.

Good Times Waiting Ahead:

Famous as being a tourist destination, it is anticipated that Mysore will be one of the most sought after cities. Main features contributing to Mysore's real estate development is up-gradation of airport, doubling of the Bangalore-Mysore railway track and upcoming expressway that will connect Mysore to other citiesThe infrastructure of the city is being beefed up especially to cater to the IT and related companies. IT companies are looking at locations like Hebbel industrial area, Metagalli and Vijaynagar to start operations. Also, there are many MNCs and other commercial industries who are planning to shift their campus or establish their back office operations in the city.
All these upcoming developments will surely have an impact on the property values of Mysore. The residential and commercial property values have nearly doubled in the past one year and are expected to grow further in near future.
Mysore is fast emerging as Bangalore's twin city. Not only industrial hubs are contributing to its rapid growth but also real estate, which is on the rise.

So, cash-in on this opportunity to buy or invest in the promising upcoming real estate market of Mysore.



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