Real Estate Developments in Mysore

When IT companies started moving into the city, industrial property rates in Mysore were an affordable Rs.15 lakh per acre, as against Rs. 60 lakh in Bangalore. The demand for industrial property has driven the Karnataka Industrial Area Development Board (KIADB) to acquire land to develop industrial layouts in the north-west sections of Mysore. L&T acquired 40 acres of land in Hebbal-Hootagalli for a software development centre in which it is investing Rs.92.10 crore

Over the past few months, the government’s attempts to control the inflationary trend in real estate have brought down the number of transactions in Mysore by 25 to 30%. Even as large developers from Bangalore have moved into the Mysore real estate market, it is the local players who are promoting Mysore aggressively to investors and individuals.

The Brigade Group, Sankalp, Sobha and Purvankara already have their residential projects in Mysore on stream, and others like Prozone, Premier Properties and Mittal Builders are working on creating mall space of almost 1.7 million square feet over the next two years. The Sahara group has also invested in 2 plots of 50 and 70 acres for a project.
Prime residential properties in Mysore fetch Rs 2,000-3,000 per sq ft, while the projects in the suburbs are available for Rs 1,400-1,900 per sq ft.  In Koodanahalli and Nanjangud, villas at Rs 3,000 per sq ft are being developed.

As far as rentals go, office space in the Central Business District of the city command Rs 46-51 per sq ft per month while capital values prevail at Rs 4,500 per sq ft. 
 
In the suburbs, rentals of office space are in the range of Rs 25-30 per sq ft per month and capital values fetch Rs 2,500 per square feet. 

Vijayanagar, Kuvempu Nagar, Jayalakshmipuram, Nivedata Nagar and Dattagalli are Mysore’s new residential colonies as a result of the real estate boom and where appreciation has been highest. Property prices in Mysore’s new colonies started with Rs.250 to Rs.400 per sq. ft three years ago but figure in the Rs.2000 – Rs.2400 per sq.ft range presently.

Appreciation

Mysore’s real estate boom has triggered a spate of construction activity in the state, with the city’s municipal corporation issuing as many as 100 licenses to builders for commercial and residential projects

The city’s arterial and peripheral roads, especially the Outer Ring Road have witnessed maximum development over the last three to four years, ever since the IT boom hit the city. A 240 sq. yard plot in Vijayanagar IV that ranged around Rs. 1.5 lakh before the ORR came up is now priced at around Rs. 5 lakh.

While property prices in Mysore have appreciated four-fold in some neighbourhoods in the last one year, locals in the property business are hopeful of a three-fold increase over the next 12 months. Agricultural property along the ORR increased ten times over long standing rates in 2005.

Prevailing market rates in Siddhartha Nagar are Rs.2200 per sq. ft, while Gokulam I and Jayalakshmi Puram have an edge with Rs.3000 and Rs.2600 respectively. Colonies to look out for are Vijayanagar I, II and III where rates are still around Rs.1000 to Rs.1600 per sq. ft. Apartments range between Rs.25 lakh to Rs.35 lakh in the city

NRI Real Estate Trends

NRIs from Karnataka have shown keen interest in the real estate market of Mysore for residential and business purposes.

Thirty residential properties in Mysore are being developed and commercial spaces will take off very soon. Among the several projects, Central Park at Ideal Jawa by Shalom Voyagers provides for 1500 apartments with fitness and entertainment facilities. Bangalore based Brigade Group has the following luxury projects coming up: the Brigade Citadel with 3/4 BHK apartments in Yadavagiri, Brigade Horizon with 2/3 BHK apartments in Siddhartha Layout, and Brigade Solitaire, behind Lalitha Mahal Palace

Damden Properties has a cluster of 5 interesting apartment projects –Beryl, Square, Prithvi, Solar and Arbor coming up at a collective cost of Rs. 180 crore.

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