Mysoreâ ”the city of palacesâ ”is the shining example of real estate growth in India. Owing to its vicinity to countryâ ™s Information Technology (IT) hub Bangalore, the real estate market of Mysore is witnessing tremendous growth for the past few years.
While properties at the popular locations have already gone up three-fold in the past couple of years, the Bangalore-Mysore corridor road is said to further fuel the growth in Mysore property markets. Experts say that the enhancing connectivity between these two will further have 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.
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The proposition
Famous for its tourist destination, Mysore is seen as the next success story after Bangalore where the real estate prices have already heated overly. Interestingly, software giant Infosys has already set up its unit at Mysore while many more including Accenture, IBM, Cognizant Technologies, and Honeywell have expressed intentions to extend their operations in Mysore.
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Commercial Locations
As a number of corporate giants have started looking beyond the saturated, even referred as overheated, real estate market of Bangalore, commercial properties in Mysore are taken as a hot cake from both the perspectives of business operations and investment.
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Besides, 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.
However, the prices are still 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.
Residential Scenario
With regard to its 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 psft.
Great Times Ahead
If we take a look at the factors that keep Mysore as the most preferred commercial and residential destination after Bangalore, it establishes the fact that the real estate market of Mysore will keep witnessing good times ahead.
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Mysore - a Promising Real Estate Destination