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Bengaluru has long been the driving force in Karnataka's real estate market. However, the tides are turning, and Tier II cities like Mysuru are quickly catching up in both residential and commercial segments. In this article, we delve into the factors that are transforming Mysuru into a bustling realty hub.
The Residential Market Scene in Mysuru
After years of stagnation, the prices of residential units and plots in Mysuru have skyrocketed in recent months. This surge can be attributed to the government's efforts to develop more land parcels, along with the reduction of travel time between Bengaluru and Mysuru to just three hours. Additionally, the promise of a semiconductor hub is further bolstering the city's real estate market.
According to Mysuru realtor Amar Kumar R.S., the residential demand in the city has witnessed a significant uptick in the past three months. Previously, Mysuru's residential market had remained flat. However, now, homebuyers from across southern India are showing interest in Mysuru. The local development authority has plans to develop 10-12 residential layouts within the city, creating more opportunities for buyers.
The Government's Role in Real Estate Development
The Karnataka Housing Board (KHB) has played a crucial role in Mysuru's real estate development. NC Arjun Kumar, the superintendent engineer at KHB, revealed that the state department has already developed over 1,000 acres in Mysuru. The residential sector is currently growing at a rate of 15-20%, and the government has plans to develop an additional 500 acres over the next two years.
Kumar further explained that the development will primarily take place through joint ventures with landowners, rather than through land acquisition. This approach ensures that both parties benefit from the projects, with the landowners receiving a portion of the developed site. The apartments developed by KHB will be priced between Rs 30 lakh to Rs 50 lakh for 1 BHK and 2 BHK units.
Bullish Outlook for Mysuru from Realtors
Realtors are optimistic about Mysuru's real estate market. Ashish Narain Agarwal, Founder & CEO of PropertyPistol.com, stated that plotted development is rapidly growing in the city. Many large developers are eyeing Mysuru due to the increasing demand for plotted developments. Brigade Group, a prominent real estate developer based in Bengaluru, has already developed 20 residential projects across 22 lakh sq ft in Mysuru. They are currently working on a land parcel within the city through plotted development.
Viswa Prathap Desu, spokesperson for Brigade Residential, supports this positive sentiment. According to him, rental returns have been rising throughout the city in recent years, making Mysuru an attractive market for investment.
The Status of Commercial and Industrial Development
Experts believe that Mysuru has ample land parcels to develop a sustainable and integrated industrial sector. The state government's initiative, "Beyond Bengaluru," aims to create technology clusters in emerging areas across the state, including Mysuru. This initiative has brought more focus and opportunities to the city. Chief Minister Basavaraj Bommai recently announced that global investors are keen on Tier II cities like Mysuru, and the city will soon have an electronics park.
However, it's important to note that Mysuru's real estate growth has been relatively static in recent years due to the pandemic. Nevertheless, with the completion of the Bengaluru-Mysuru infrastructure corridor, which is set to be finished by December 2022, the city's real estate activity has witnessed a surge.
The Path to Becoming a Real Estate Powerhouse
To transform Mysuru into the next real estate hub in Karnataka, proactive involvement from the state government and district bodies is crucial. Industry bodies, such as the Chamber of Commerce and Industry Mysuru, suggest that immediate acquisition of land is necessary, along with an investment of at least Rs 15,000 crore to Rs 20,000 crore for rapid growth.
Raksha Ramaiah, Director of MS Ramaiah Developers and Builders, believes that strategic and organized investments are needed for Mysuru's future growth. While the city possesses over 1,000 acres of undeveloped land, swift land acquisition and development are essential.
The Journey Ahead
Mysuru has great potential to become a real estate powerhouse in Karnataka. With ongoing infrastructure developments and the government's commitment to attracting investments, the city is on its way to becoming a sought-after destination. However, it will take time for Mysuru to fully emerge as a real estate hub. In the meantime, major developers are entering the city, and while the projects may be smaller for now, they are laying the foundation for Mysuru's future growth.
As Mysuru continues to forge ahead, the narrative of Karnataka's real estate landscape will undoubtedly witness a significant shift, making the city an ideal destination for both investors and homebuyers.
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