Mysore the cultural capital has seen increased real estate growth from the past decade, due to the most common reasons the second favorite destination for Bangaloreans to invest in real estate.
Not only Bangaloreans, whoever comes in contact with the city they would surely make up their mind to invest at least for once.
Mysore is very well planned, Some of them might not agree but most of them would.
Mysore has adopted a comprehensive development plan method, where it foresees the future development how it should be.
They plan and execute accordingly. Take for example the Proposed Peripheral ring road, it’s planned and they will finish it by 2031.
There are many examples such as A layout developer should make a certain percentage of land available to park and civic amenities, that he cannot use his land fully for residential purposes.
It is mandatory and authorities are made compulsory supervision to follow this by the developer.
For the people who would like to settle in this well planned and who like peaceful living environments.
For sure it’s far better than Bengaluru, but Bengaluru has its own charm and it’s unlikely to compare it with Mysore.
Take for example the population of Bengaluru is 1crore in Mysore its 11 Lakh, almost Bengaluru is 10 times bigger in every aspect that you would ask for.
I don’t say most of the Bangaloreans are likely to invest here, only a certain group of people who like this city that i have seen for a couple of years.
Not only Bengalureans, but people from all over the state who are working in this city have also already made plans to settle here. These are the people who are less bothered about staying inside the corporation limit.
Mysore once called Retairer’s Paradise, I tell you once it’s called but probably not now.
Retainer’s Paradise? It had a real impact on investment from the potential investors who are seeing it as the next hot investment destination in real estate.
I have been in the real estate industry since 2017 in Mysore. I have watched closely what is being done here and where Mysore real estate is heading towards.
I tell you retairer’s palace has a great impact as I watched nearly in salespeople saying Mysore has too many layouts, good developers, and good infrastructure but what about the layout that was developed a decade ago?
Plots are good, infrastructure is good but where are the people living, surely it headed towards the retainer’s paradise.
Why are people not moving into Mysore aren’t they retired from the past 10 years or 15 years or so ?
I have seen many layouts that are empty still now, not a single construction pillar erected.
Common questions that people would ask for salespeople: everything is good, but where are the people living in your layout?
What if I invest in your layout and nobody turns out to construct it in the near future? What about My investment? Will it give me my expected returns?
A good salesman would tackle these questions but in reality?
Sales are tremendously good in Mysore, Most of the developers are easily able to sell what they are offering.
Incorporation limits these are the people who are the native Mysorians who lived here from ages not everyone one But most of them.
Then comes the Urban development authority limits, here the native mysoreans also have invested in large numbers as second property as well as the outside investors.
People here are likely to invest in MUDA Allotted sites but they have to wait long, long and pretty ; long years to get their allotment.
These are the sites that are most trustworthy because it’s directly allotted from the Authorities. The only reason is that the documents are pretty much clearer and safe.
Then there are Private developers most of them are exceptionally good at doing what they are offering to people, these sites/plots should be as per requirements of MUDA or Authorities then only they are eligible to sell it to the market.
These are great investment sweet spots for the investors.
As I said earlier, MUDA sites take a long time to get allotted to people who apply, and then there are private developers who sell it to people.
People who waited a long time to get allotted are already the majority of them staying in city limits even if they get allotted they are unlikely to move to new plots allotted to them.
As they cannot sell it immediately that has been allotted by authority, they have to hold the plot at least 3 minimum years before they pass them to someone else.
So again you see empty layouts.
The reason for empty layouts is mainly because people who invested are holding back for the future for a long time.
And the second reason is waiting for higher returns. This seems to be a little bit of a problem here, No wrong withholding it for a long time Majority of them holding it in the long term.
Who still has not made up plans for settling here, for example, Even MUDA allotted sites have not seen major Developments in their allotted plotted development areas.
Even when you see Major development areas like Vijayanagar 4th stage which is Asia’s largest plotted development which consists of 14,000/- Plots that are not fully occupied.
Most of them are empty still due to their high demand and high price situations, so don’t judge just by looking at the layout it is empty
When I asked a couple of people who got allotted by the authorities they said they are happy and comfortable with what we have in the city limits, as there is no plan to move out. We are keeping it for the future or to resell.
These kinds of Reasons are mainly associated to say that Mysore is a retirement Paradise.
You see everywhere empty layouts these are sold-out layouts holding back a little in numbers for selling.
COVID has slightly changed the whole picture of Mysore as we work with the Bank Loan facilitators their data are showing there is a slight increase in demand for the construction.
Situations like these are making people finally move towards their investment to do something with, Work from home situations are also being the major impact Most of them could work out with their Plot they purchased.
Not only due to covid before the situation like this there has been an increasing demand for construction from the past couple of years.
Major developers and builders are working towards bringing up more apartments and community living spaces.
Some of them are hardly struggling to sell but most of them have succeeded and in the near future there are so many yet to come.
So to conclude I agree that once it was called retirement paradise and I have given you enough reasons why it was called and how it is changing in recent years, Mysore is growing its tremendous phase in real estate development. Most of the Bangalore developers and builders have turned towards Mysore for projects.
Despite all these reasons and seeing its tremendous growth in Mysore no point in calling Mysore a Retirement paradise. Let’s call it a Real estate happening city.
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