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SURGE IN DEMAND FOR LAND
With the mushrooming of smaller companies across micro markets, there is a sudden revival of demand for developed sites in Mysore, surveys Keshav
The continual increase in prices for apartments and developed plots in Tier I cities has necessitated the need for middle income group people and other investors to look at secondary cities for investment in real estate. For Bangaloreans, Mysore provides multiple options at competitive prices today when it comes to the question of investment in real estate investment. What is more there is a sudden spurt in both apartment and land prices which has convinced investors to plunge into investment.
According to industry sources, the surge in demand for developed plots has been witnessed for some months now. In fact one developer in North Mysore is said to sell on an average 50-70 plots every month. There is another reason for the sudden shift in trend towards investment in developed sites in Mysore. Investors are finding the developed plots in the affordable price range and price appreciation is better while investing in land.
Prices for developed plots range from Rs 450 to Rs 1,000 per sqft depending on the location, developer, proximity to landmark areas and growth potential surrounding the area. Even within the city areas, apartment prices range from Rs 30 lakh to Rs 60 lakh and sales are quite encouraging, say realtors.
Bangalore's leading developers like Sobha and Brigade have already launched residential projects. While Puravankara has got lands in Mysore, Salarpuria is due to enter the city shortly.
The real estate development revolves around areas like Eliwala and JP Nagar belt with a number of layout projects dotting the skyline. Significantly land development has been widely spread across the city and most of the promoters are reporting robust growth in terms of sales. While end users' predominant choice continues to remain as apartments, medium to longterm investors preferred option is developed sites, according to realtors.
On an average 30 per cent of the residential market is constituted by NRIs. Property developers in Mysore sell on average 5-10 apartments every month, according to property consultants. Among the developers engaged in real estate development include Mittal Builders, Sankalp, Manasa Developers, Premier Constructions, Value Design Build, Sobha, Brigade, etc.
On the commercial front, Prestige Forum mall is coming up. The demand for office space has been driven by a few software companies in the mid-segment with former employees of blue chip companies turning into entrepreneurs. A number of new companies are mushrooming all over Mysore now, say industry sources monitoring office market movements in the city. Proximity to Bangalore and Jet Airways' air-connectivity from Mysore due to begin shortly are major contributing factors that drive entrepreneurs to cost effective locations like Mysore.
The much delayed Comprehensive Development Plan (CDP) is under final stage of preparation and may even cover development until the year 2025. Zoning work is still in progress and there is scope to include larger areas under MUDA. Stringent norms in terms of issuing completion certificate by MUDA have compelled developers to strictly adhere to the timely completion of the project.
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