Showing posts with label Bangalore Real Estate updates. Show all posts
Showing posts with label Bangalore Real Estate updates. Show all posts

Wednesday, 20 August 2014

Forging high-tech businesses in a nostalgic old capital called Mysore

Can you have your cake and eat it too? It seems so according to major industrialists, bureaucrats and politicians to transform Mysore into a new ‘angel investor’ capital fired business capital of India all set out to overtake Bangalore, of course, whilst at the same time escaping the ill fate of Bangalore due to unplanned reckless development.

And there is an organized political opposition to these ‘best laid plans of men and mice which often go awry’. The people of Mysore have made their stance clear that they find this lop sided economic development rather anti Kannada. They have united at the grassroots level and have thrown a spanner in the works of those who would deny jobs to ethnic kannadas.

To understand this, we might have to burrow into the hoary past. Initially Mysore was the undisputed capital of the province and not Bangalore. It happened to be the seat of the throne of Tipu Sultan, the undisputed monarch of the southern Indian provinces. However, he happened to be defeated and vanquished in the 4th Anglo – Mysore war by the British and according to the English commissar, the city of Mysore and even its palace was not found to suitable for creating a proxy British capital.


Nevertheless in less than 60-70 years Mysore was transformed by architects, engineers and educators into a lovely garden of learning and governance by the Wadiyars and the Divans.

Yet, with the capital being in Bangalore, Mysore was transformed into a tourist paradise, with its sole income coming from visitors from all parts of India and the globe, wishing to nostalgize the good old days of India’s other worldliness.

The day came when Bangalore became over saturated with over development to meet the housing demands of the IT professionals. This recklessness led to poor planning even when it came to sewage and hygiene in civil engineering. The Puttenhalli floods promptly come to mind, as regards this situation in particular.

The focus of businessmen shifted southwards since, because sky rocketing prices of real estate realties of different descriptions made it rather impossible to operate from and generate a mutual profit.

The net output of Bangalore in terms of software exports were 1 lakh Crore this year and has been 2,500 Crore for Mysore. The only tier-2 city that approaches Mysore is Bhubaneswar in Orissa. However this has created a major demographic shift due to which, the local populace is aggrieved and has xenophobic sentiments.

Nevertheless, the government has applied a soothing balm of financial investments for these ills. A huge budding sector of urbanization is underway and enables locals as well as ‘outsiders’ to win together. After all the locals are the legal possessors of the land, and due to private venture efforts, today investors with deep pockets from other parts of Karnataka and India are investing in land that will be extremely profitable for both of the parties.

There will always be competition between companies and rumors indicate that the kannadas might not be able to afford these plans. In addition they believe that Mysore’s splendid horizontal architecture like Toronto, Canada and Sydney, Australia; might turn into a jungle of shoddy glassy skyscrapers.

In assurance, the government has initiated schemes and a construction of a massive 6 lane highway between Bangalore and Mysore.

So, given these contradictory facts, how do we preserve the golden heritage of Mysore?

The first fact to keep in mind is that the people of Mysore would really love from the bottom of their hearts to possess the riches of the Bangaloreans. Yet, Mysore, given its Omni presently attractive wide footpaths, well planned layouts, gardens, roads and over 250 heritage structures and of course the reputation of being a royal city; would hate to a concrete jungle.

And come to think of it, that would be appalling.

Still, the companies who would wish to urbanize Mysore, private and governmental, want the same thing. In certain countries like Singapore, the new blends with the old seamlessly, so why not Mysore? Both parties agree on that point and strongly feel that had Bangaloreans the foresight that the people & corporates of Mysore possess, the quintessential building block of Bangalore’s economy, the concrete IT professional’s cube, would not come to pass.

Important organizations that echo this are the Confederation of Indian Industry, amongst many others. In fact, Kris Gopalakrishnan, immediate past president of CII and co-founder and non-executive chairman of Infosys Pvt. Ltd. expressed these same sentiments. R. Chandra Prakash, a retired Professor of Commerce, of the University of Mysore, who has worked on urban development issues, and Bhamy V. Shenoy, founder of Mysore Grahakara Parishat, both founders of activist groups are raising serious issues about this. However we need to keep two things in mind, the people that they represent may not be business savvy, and there may be vested competitor corporate interests behinds these opinionated arguments.

These opinions are true to a quite large extent even being rather contradictory sometimes, but here are some practical solutions.

The massive 2,500 Crore revenue generated can go into rejuvenating the core center of Mysore comprising of Amba Vilas Palace, Jaganmohan Palace, K.R. Circle, Dufferin Clock Tower, Town Hall and Deva raja market amongst many other beloved places which evoke nostalgia.

The problem here is that, according to Mr. Chandra Prakash, the planning committee, instead of pushing the business infrastructure to the periphery and preserving the center, has mis-mashed both into one hybrid area. This is disastrous. The tourism industry would be cut off like water from a faucet or tap.

N.S. Rangaraju, a retired Professor from the Department of Ancient History and Archaeology, from the University of Mysore, who was also a member of the Heritage Sub-committee, believes that “nothing less than a straight legislation is necessary for the protection of Mysore’s Grand legacy as 3.5 million visitors from all over the world, fuel the tourist industry which keeps the wheels of the economy burning.”

C.G. Bethsurmath, The commissioner for archeology, museums and heritage, has said that these laws were in the final stages of getting approval. Mysore has many beautiful landscapes like Chamundi hills, and lovely lakes like Kukkarahalli, Lingambudhi, Karanji and Dalvoy — are today facing the challenge of extinction.

The future of Mysore may seem a gray scale of cloud and fuzziness, but remember, every cloud has a silver lining, and men and women of all walks of life in Mysore are united in making this great little city the royal seat of power it – in the yesteryears of Kings ship and nowadays of business giants.

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Tuesday, 29 July 2014

Factors drive the Growth of Kengeri Road in Bangalore

The Kengeri stretch has attracted many consumers due to its array of luxury as well as affordable availability of options. Kengeri has been one of the most attractive areas for investment in the outskirts of Bangalore as it has been one of the satellite towns of the city. Kengeri is an extended stretch of road that connects Bangalore City to the suburbs in the South extending up till Mysore.

Though the area is still not functional in a full-fledged way it has seen declaration of many projects by many of the leading developers. There is also a remarkable 20 % increase in the property prices which is around.
This area has been one to top list of many of the consumers primarily for two reasons one being the land price affordable and the other being the availability of luxury apartments along the road.


The Realty Development Scenario
The Bangalore Development Authority has taken the credit of developing several satellite towns along the stretch and much recently many of the satellite towns were set up in the same region.

The price tag of multi- story apartments alongside this belt is around Rs. 3,000 to 3,700 per sq. ft. During the last six months the area has alone witnessed a 10 percent increase in the property on an average basis. The price tag of residential plots in this stretch is following in the range of Rs. 17,600 to 20,000 per sq. yd. Ever since Jan- Mar 2014 quarter the prices have recorded a an average 19 percent increase. 

The Connectivity fact
The Kengeri Railway Station located on the Bangalore Mysore rail route is extremely close to the Kengeri Main Road. This passage is well-connected with several express trains having their halts here. The names of a few trains which have pass through this passage way and have a fair duration of halt here include Chamundi Express, Mysore- Chennai Express, Yeshwantpur- Karwar Express which connects Bangalore- Mysore, Bangalore- Mangalore, Udupi and Karwar. The Tuticorin – Mysore express also connects well to this region. The railway station there has a technically sound computerized passenger reservation system which is totally functional.

In the coming time Kengeri will witness the construction of the Traffic Transit Management Centre (TTTMC) of the Bangalore Metropolitan Transport Corporation to be set up in this area.

There are also hopes of the Namma Metro corridor to be extended up to Kengeri Satellite Town from Nayandahalli on the Mysore Road which is closer to this stretch. A fact that edifies all these happenings is such that the Kengeri Road is nearly closer to the Outer Ring Road and hence, it is well connected to the major regions.

Other altitudes which have kept the kept the realty sector growing in this region is the expansion of sites like the Art of Living Ashram, International Airport, International Schools, Resorts and also the fact the various shopping malls will come up in the future will definitely stimulate the real estate growth in this region.

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Wednesday, 2 July 2014

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.

Mysore-Second-Home-Destination-AbuseDreamz

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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