Bangaloreans being preferred Mysore as a second home destination

Mysore is growing at a faster rate. Every one related to the realty sector in Bangalore is optimistic about the upcoming developments in the city. A lot many people commute from Bangalore to Mysore on every day basis due to their employment requirements. Due to this heavy commute daily an expected real estate development may happen doubling in numbers providing many residential opportunities. There are chances of the Bangalore - Mysore railway to get some speed also. The plan still has some time to happen. By the time things take shape some of the buyers are taking Mysore as a second option for investment destination. With the year gone by the number of people traveling up and down Bangalore - Mysore has doubled in numbers and stands around 50,000 now. Keeping in mind the increasing stress of population migrating on daily basis the real estate has started taking precautions so that the commuters will be able to a comfortable journey as compared to the current situation.

According to an apartment consulting company it is speculated that Mysore will soon see an outburst of an IT Hub, which will happen in rounds and this has been stagnant for a couple of months. But some momentum is been expected in the near time to come.

The confederation of Indian Industries CII has declared Mysore as a potential destination for IT and ITeS. It is also a known fact that an industrial hub is coming u at Chamrajanagar which will boost the plantation as well as the horticulture industries. Due to such major advancements the job avenues will also widen.

The strengthened image of job opportunities will also shape the growth of Mysore. Due to Mysore’s nearness to Chennai, Kerala and Bangalore there is a major number of non- local working populations. If Mysore emerges as a site of opportunities then this working and employed population, will be seen as potential investors of real estate property in the area.

Mysore property prices

As a wide range of property options are available in Bangalore for the future potential buyers. Every investor aims for an affordable deal. The price tag of major residential setting is tagged around 40 Lakhs. The price range of a 2BHK unit is ranging around Rupees. 27 to Rupees. 92 Lakhs depending on several factors of amenities. This price tag is relative to the size of the unit offered which around 875 sq. ft. to 1480 sq. ft. whereas the unit price of 3BHK is around Rupees. 32 Lakhs to 1.4 Crore and the size for the same is nearly 1000 to 2700 sq. ft. Mysore will also have residential settings in form of apartments, villas and also builder floors.

Why to consider Mysore

Mysore is little away from city peaceful and calm. The city has a well spread greenery and serenity. It is a heaven for the retired people to settle. Mysore is relatively affordable and that is one of the reasons for the city being preferred by many. Mysore also offers low cost housing which is ideal for the working population. The NRI investors are eager to invest in Mysore according to a local real estate company many of the HNI’s and the NIR’s have put forward a lot of enquires for living in this region. Mysore undoubtedly fits their bill as a settlement area. It is also estimated that the capital appreciation can happen up to 25 % year after year making the place ideally suiting for affordable investments. Mysore is far from problems like water scarcity and also has a very stable social and a physical infrastructure. There are schools, collages, undergraduate and medical collages in Mysore in abundant numbers.

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In 2014, Developers Are Hopeful about Realty Sector’s Revival

It is believed that there might be a reversal of the slowdown in 2014, as the real estate sector is facing costlier borrowing and increasing property prices. They expect sales to pick up post the general elections.

It was seen that the year 2013 saw muted commercial leasing, low demand for housing units, buyers’ discomfort due to delays, a number of unsold housing inventory, limited projects’ launch and debt-ridden developers scoring lower revenue-net profit numbers in real estate.

Even in the midst of all this, there was a ray of hope in the form of two major government initiatives for the real estate sector. The two major government initiatives were the proposed Real Estate Regulatory Bill and the new Land Acquisition Act which will go a long way in making the real estate sector more accountable and transparent.

However, these moves by the government didn’t go down that well with the developers as they felt that the provisions were more farmer-oriented and consumer-friendly and might lead to delays in the development of projects and enforce price escalation. According to the chairman and managing director of a renowned company, he stated that the provisions of the Bill would result in escalated land and project costs and thereby affect affordability of real estate across India.

According to President, CREDAI-NCR, as has been observed in the past few years the controversies with respect to forcible land acquisition, the Bill is surely the requirement at the given moment. But, given the present situation, the Bill makes the process of land acquisition time consuming, he said.

The present condition of the real estate industry is cash-strapped. Hence, the realty industry welcomed market regulator SEBI’s draft guidelines to allow Real Estate Investment Trusts (REITs) and Commerce Ministry’s proposal to relax FDI norms. It is believed that no sooner these steps are implemented, they will surely help in reviving the global investors’ interest in a sluggish property market.

According to Chairman of CREDAI, he stated that they were hopeful about the year 2014 and hope to see a positive shift from the earlier years. Thus, it would bring in the much needed constancy and clearness in the property market. It is also believed that all areas, which seem to have good social infrastructure and connectivity, will witness maximum real estate development in the coming year. He also stated that they were looking forward to 2014 as a much better year for the real estate sector as compared to 2013.