By Dr Suvrokamal Dutta
The spillover effects of the garden city Bangalore can be seen in the all of a sudden turn-around of tier II cities like Mysore. Quite famous for its rich cultural heritage, Mysore is a pretty popular tourist destination covering an area of more than 40 sq km and is administered by the Mysore City Corporation. Situated 763 metres above the sea level and surrounded by hill ranges from north to south, Mysore is commonly been regarded as the ‘City of Palaces’.
It has come into the notice of The India Street that the migration of IT companies to Mysore due to its proximity in Bangalore and the sudden spurt in retailing are quite pivotal in driving the major property developers to the Mysore. Another significant reason is the improvement in connectivity towards Bangalore.
There is no doubt that the Bangalore-Mysore corridor project promoted by the Nandi Infrastructure Corridor Enterprise has triggered a new wave of development as the commuting time involving 146 km distance would be reduced from 3 hours to just 1 hour and 15 minutes.
Among the five township projects planned en route, eco Tourism Township would be located close to Mysore. In my opinion, availability of big tracts of land at relatively competitive prices is another reason for development.
Recent survey by Shriram Propcare research wing in Bangalore has revealed some interesting facts about the changing pattern of investment while investing in Mysore. Theoretically speaking, among the people surveyed in Bangalore, 82 percent are interested in investing in developed land others prefer built units. While 60 percent of the people are looking for residential properties in the price range of Rs 8 lakh to 10 lakh, 32 percent opt for Ra 10 lakh to 15 lakh whereas 8 percent constitute investors for units valued above Rs 15 lakh.
With the second and even third house acquisition becoming a norm than an exception among investors, there is hardly a surprise that the survey has revealed an identical trend for investment in Mysore. Among those surveyed, 88 percent are opting for second home while 12 percent have this as third or fourth property investment.
Furthermore, when asked for the reasons for opting Mysore as an investment destination, 37 percent were found to be the native of Mysore while 30 percent have relatives and friends in the city.
The influx of IT/ITES professionals is more or less cited as instrumental in driving the demand for residential property in Mysore. Land rates are comparatively low when compared to Bangalore, which is one reason for the movement of ITES companies to the secondary cities like Mysore.
In terms of statistic, land prices increase by 40 percent and in some areas it nearly doubled in a span of just one year. Apartment prices are up by 20 to 30 percent with demand exceeding supply. Commercial development is picking up on the retail front with demand exceeding supply. The office market is yet to pick up momentum as large corporates are building campus facilities for their use now. Property developers are, however, confident that once the commuting time between Bangalore and Mysore is reduced, the scope for such projects will gradually increase in the city.
Suggested Reading:
0 comments:
Post a Comment