Mysuru officially name of Mysore is one of the most popular tourist destinations in South India. This popular tourist destination is today growing to be an excellent realty destination in Karnataka. IT companies are flocking Mysore today. Top companies like Accenture, IBM, Cognizant, Infosys and many more have campuses here. This is one of the reasons why residential real estate in Mysore has picked up in the past decade. Apart from Bangalore, Mysore is one of the fastest growing cities in the state of Karnataka.
IT Companies today are moving to Tier II cities for reasons of space and better campuses. The cities are getting crowded and the traffic in Bangalore has been a major concern for many of its residents. With growing demand for IT/ ITes activities services in India has increased which has improved the economy in many metros and Tier II cities. With excellent infrastructure and connectivity in the state of Karnataka has also helped the real estate sector immensely. Today Mysore real estate has grown immensely taking many such factors into consideration. Infrastructure projects like the upgradation of the airport, improving the Bangalore Mysore Railway Track along with the new Outer Ring Road is all adding to the potential of Mysore real estate. The most important of all the projects in the Bangalore Mysore Infrastructure Corridor (BMIC) which includes construction of an expressway which will reduce the travel time between Bangalore and Mysore. You can travel to Mysore from Bangalore today is reduced to 90 min.
Land prices in Mysore have shot up significantly, The asking rate for land in Mysore city in the new ORR area is in the range of Rs 1,200-3,000 per sq ft (Rs 5.2 crore-13 crore per acre approximately) for converted land. In the outskirts (beyond ORR), it is in the range of Rs 70 lakhs-2 crore per acre. In comparison, a year ago, the rates were approximately half the present price range – within the city, prices varied between Rs 600-1,500 per sq ft (approximately Rs 2.6 crore-6.5 crore per acre) and in the outskirts between Rs 25 lakh-1 crore per acre. The BMIC is likely to further fuel growth in this market says Anurag Mathur, deputy managing director, India, Cushman & Wakefield.
“Mysore is seeing its first cycle of real estate which usually starts with residential, gets along retail, hotels and then commercial spaces,” says Srinivas Anikipatti, regional director, Colliers International. Today with the flourishing real estate and increasing prices have increased the price of apartments for sale in Mysore. The city offers different kinds of housing options for different price brackets. Notable builders like Brigade Group, Sankalp, Mittal, Premier Properties, Puravankara Projects, Sobha Developers all have projects in Mysore.
There are many mid segment and high end residential real estate projects in the city and the rental values have also improved in the city. Although the market is in a nascent stage, things are slowly picking up. Some popular localities in the city includes Jayalakshmi Puram, V V Mohalla, Gokulam, Yadavgiri and Lalith Mahal Road. Other upcoming localities include JP Nagar, Chamundi Hills, Siddhartha layout, Rajiv Nagar and Vijay Nagar. Apartments for sale in Mysore are a popular investment option for many residents there.