Real Estate Mysore
Mysore, located at a considerably short distance of 140 kilometers from country’s software hub Bangalore, in the India’s southern state of Karnataka; is fast emerging as a preferred destination for IT companies. To support the growth bandwagon led by the IT majors, a number of projects have also been launched for the development of necessary infrastructure.
The airport is already under modernization program. Connectivity with Bangalore will improve further with doubling of railway track between the cities and completion of Bangalore-Mysore expressway.
Nonetheless, the real estate markets of the city have also been responding well to the expansion plans of technology majors. Infosys has already come up with its training center while Wipro has also finalized the site for its development facility.
Mphasis, First American Corporation, Accenture, IBM, Cognizant Technologies, and Honeywell are some of the others who are following the suite.
Not just IT companies, other prestigious companies like S Kumars, Kirloskar Gensets, Venlon Polysters, Reid and Taylor, Larsen and Toubro and Bharat Earth Movers have also set a firm foothold in the city from the past many years.
Commercial Real Estate in Mysore
Buzzing with corporate activities, the 'City of Palaces' - Mysore - is on ground for the real estate boom. Properties in Bangalore have already gone beyond the reach of masses and even corporates are finding it difficult to cope up with the soaring prices. Prices at the other end of Mysore are hovering at quite realistic levels.
A number of positive factors will further fuel the growth. Project like that of Nandi Infrastructure Corridor Enterprise (NICE) will drastically reduce the traveling time between Bangalore and Mysore.
In view of leveraging the underlying growth potential of the Mysore property market, a number of real estate developers from Bangalore and outside have forayed into the sector.
Today, the commercial destination of Mysore Central, sites in and around Landsdown Building, Sajjan Rao Road, Devaraje Urs road, KT Street, 100 ft Road, Irwin Road and MG Road are among the most sought-after office spaces in Mysore.
The prices fall in the range of Rs 2,000-Rs 4,000 psft in these areas that is quite moderate in comparison to the sites at Bangalore.
Retail Development in Mysore
As the local economy of Mysore swings up, development in retail markets is also going on in tandem. A number of malls are coming up by developers like Sankalp, Brigade, Mittal Builders and Premier Properties. Under these projects, a total of 1.7 million sq. ft. of mall space is planned to be constructed in the next couple of years.
Capital value for office space at Central Business District (CBD) is trading at Rs 4,500 psft while the rentals are in the range between Rs 45-55 psft. Prices for the commercial property are treading from Rs 1,500 to Rs 3,000 at other business centers.
It takes lesser time to travel between Mysore and Bangalore than commuting inside the Bangalore. This is the observation of the software professionals who are increasingly looking for buying residential properties in Mysore owing to its congestion-free surroundings and cheaper rates.
The capital values at the most sought-after residential of the city are between Rs 1,800 and Rs 3,200 psft. Like any other city, prices at the sub-urban areas decline to the levels of Rs 1,200 psft.
Developers have also studied impressive demand for luxury housing in the city. Projects comprising villas are coming up at Nanjangud and Koodanahali.
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.
Given the factors of development in infrastructure, corporates activities and subsequent interest of buyers and investors, the realty sector of Mysore is among the most promising ones in Karnataka. And perhaps the best times are yet to come ahead.