Mysore, a Hotspot for Real Estate Investment

Essentially popular for being a tourist spot in southern India, Mysore has carved a niche for itself into becoming a destination that is brimming with many construction activities. With the city attracting many IT (Information and Technology) companies, major players like Infosys, IBM, Cognizant and Accenture are now having their campuses here. The insurgence of these MNCs (Multi National Companies) has resulted in a boom in the real estate sector of Mysore.

The city is currently undergoing a major facelift and is luring many local and national real estate developers who are coming up with many extraordinary residential projects. According to a recent report the city is all set to have over 100 apartments in Mysore. With the housing demand growing day by day, it doesn’t come as a surprise to see property prices sky rocket. For instances, a 250 square yard of a property for sale in Mysore was earlier priced at an average of Rs 5 lakhs. However, today the same piece of land is estimated to cost an average of Rs 15 lakhs.

Physical infrastructure developments like the ORR (Outer Ring Road) have flourished the realty sector further. State Highway 17 and other arterial roads have witnessed a tremendous growth as the boulevard is lined with a number of commercial and retail establishments. Mysore’s seamless connectivity has also roped in a lot of foreign investment. Proximity to areas like Chanapatna, Madyam Ramnagar and Srirangapatna have made Mysore a hotspot for realty investment. Apart from luring all the locals, the city is a hit amongst NRIs (Non Resident Indians) too. The presence of tree covered boulevards coupled with state of the art living spaces has roped in a lot of foreign investments. Neighbourhoods like Dattagalli, Kuvempu Nagar and Nivedata Nagar have a number of projects that cater to the affluent. Apartments in Mysore especially in these areas can cost anywhere between Rs 2,500 and 4,100 per square feet.

With Mysore being an ideal vacation spot for many Bangaloreans. Locals from neighbouring cities are now purchasing a property for sale in Mysore so they could build their dream homes. Tapping into this demand are builders who are now creating a number of vacation homes that cater to the floating populations. The insurgence of the IT sector and the developing infrastructure are pushing property prices further making the city a favourable destination for investors and second time home buyers.

The growing commercial belt is also luring a major chunk of the cosmopolitan crowd. Proposed projects like BMIC (Bangalore Mysore Infrastructure Corridor) and industrial zones by the KIADB (Karnataka Industrial Areas Development Board) have fuelled the realty demand further. Important connectors like MG Road, Irwin Road and KT Street are dotted by a number of world class office spaces. Local real estate developers are now cashing on this growing demand and are creating extraordinary office spaces that meet the requirements of every white collared professionals. So if you are looking towards investing in a city that promises quaint atmosphere along with a growing social and commercial belt- Mysore is the place to be.

Ranjitha is a freelance writer and blogger, following the Houses for sale in Bangalore and real estate sector closely for many years.