Saturday, June 09, 2007

Cauvery stir chokes real estate in Mysore

Mysore, Mar. 30 (OSR)- The Real Estate business, which had witnessed a sudden boom in city some months back, seems to have nose-dived. The realtors attributed it to the Cauvery agitation which began on Feb. 5 soon after the Tribunal delivered its final verdict.

The number of property registrations in the two offices of Sub-Registrars have gone down considerably thus affecting the revenue to the State's exchequer.

The revenue by way of registration and stamp duty, which was Rs. 14 cr. per month in Mysore (North) Sub-Registrar's office and Rs. 6 crore in Mysore (South) dipped to Rs. 8 crore and Rs. 4 crore respectively after the Cauvery stir erupted.

Mysore (South) which registered 1,500 properties per month earlier, could register only 800 properties since the stir began. Officials say that the fall in property registration was due to the ban on the registration of revenue sites and conversion of agriculture land.

Real Estate agents and developers dispute this saying the disturbed atmosphere has hit the market leading the slump in property value.

According to an agent, the property value fell as potential investors from outside are reluctant to do business in Mysore.

Investors from North India, particularly Mumbai, Andhra Pradesh and Tamil Nadu, who were thronging Mysore in anticipation of major industries starting their units here, have backtracked as no miracles are happening here.

When there are no investors, the land value is bound to crash. A 40'x60' site in Vijayanagar, which commanded a price of Rs. 25 lakh in December last is now available for Rs. 20 lakh, recording a fall of 20 per cent.

Relators feel that the crash will continue further if the normalcy is not returned.

4 comments:

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Regards
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Upcoming Properties In Delhi said...

Its really good to find information about real estate on your blog. It has been of a great help to me. Thanks for sharing.
Regards
Krrish

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