A tourist destination that is surrounded by hills is what Mysore is all about. But the city is soon shedding that image and is transforming into becoming a location that is brimming with a lot of realty activity. Situated about 140 kilometers away from Bangalore, the city has attracted many Bangaloreans for its calm and serene lifestyle. However, in the past few years the city has evolved into a residential hub. For a property in Mysore that offers a cool and clean atmosphere, the city is fast becoming one of the most sought after destinations for second time homes or vacation homes.
Being an active corridor that engages many commuters from Bangalore, the realty market of Mysore has matured into a fully-fledged sector that is bringing in a lot of investment. Projects like Mysore Infrastructure Corridor are cited to be one of the major drivers. Another element that is luring many property seekers to invest in a property in Mysore is its prospective future. According to recent reports, the CII (Confederation of Indian Industries) has cited the city’s capability into becoming a destination for many IT/ITes companies. These infrastructural developments not only develop the real estate sector but it also captivates many white collared professionals because of the employment opportunities.
Connectivity is another factor that is luring many property seekers. The city is well networked to its neighbouring states like Kerala and Tamil Nadu through National Highway 212. The upgraded four-lane state highway 17 help ease access to Bangalore. Via railways, the Mysore Railway station has three lines that lead towards Bangalore City. The proposed process to double all the single tracks will rope in many individuals from Bangalore resulting in a realty boom here. With the physical infrastructure being establishes real estate developers are tapping the housing demand and are building a number of villas and apartments in Mysore.
Active residential pockets like Dattagalli, Jayalakshmipuram, Vijayanagar and Kuvempu Naga have a number of homes that are pocket friendly. Compared to property prices in Bangalore, capital values of homes here are relatively low. Low standard of living an affordable prices are enticing many property seekers to invest here. While smaller apartments in Mysore are slated to fall under the price bracket of Rs 50 lakhs, bigger homes that spread over 2,500 square feet can cost up to a crore. For instances multistorey apartments in localities like Yadavgiri are currently priced at an average of Rs 4,500 per square feet. Similarly capital values of residential land within Mysore City are expected to hover between Rs 7,000 and 11,200 per square feet. The cost effective prices are attracting a lot of foreign investment. Many NRIs (Non Resident Indians) are now considering buying properties here due to its economical prices and High ROI (Return on Investment).
Despite the slump in the realty market, Mysore is fast reviving and its serene environment and the green canopy is appealing many MIG (Middle Income Group) to invest in properties here. The affordable prices, steady developing social infrastructure and the scope for growth in terms of capital values of properties make Mysore a bankable destination for investment.
Nandini Gowda is a freelance writer and blogger, following the Houses in Bangalore and real estate sector closely for many years. Her areas of expertise are plots for sale in bangalore , finance and real estate sector in India.
|