Friday, June 22, 2007

Mysore is hot property

Times of India reports

Property prices in Mysore have doubled in a year’s time. IT professionals from Bangalore are looking at parking their money in property here with a second or even third site. Deepti Ganapathy

Nearly 7,000-8,000 sites are up for grabs in Mysore today. And this translates into 1.6 crore square feet of residential plots in the city. The scenario in the apartment market too is buoyant. A whopping 3,000 flats are expected to be made available by the end of this year. This translates into 30 lakh square feet of private housing space in the coming year. Nearly Rs 600-700 crores is being pumped into these private housing projects in the city by property developers.
Of the enquiries real estate consultants receive, nearly 30 percent are from IT professionals, and that too from techies based in Bangalore. Most of these IT professionals are looking at making a second or third investment here, and 15 percent of these techies are actually investing in the city. The real estate market is the city is on an upswing. Property dealers say prices are surging and they will continue to do so in the near future, and that this is the right time to invest in property here.
In the light of strong and proactive initiatives from the State Government, including providing quality infrastructure and a rapidly responsive administrative system, Mysore has emerged as a front-runner in attracting investments. An average increase of 40-60 percent in residential plots within the city or fringe areas over the last 6-12 months has been reported. Vijayanagar Stage IV, Dattagalli, Srinagar, and Rajivnagar, with substantial offtake, have registered increases in prices.
While a majority of the investors are keen on investments in developed land, others prefer built units. 60 percent of the people are looking for residential properties. 70 percent are short-term investors, while 30 percent are long-term investors. "Investors today are very knowledgeable. They are looking at buying sites in areas where development is happening. The Ring Road is today a hotspot for potential investment," says Radhakrishna, a city-based real estate consultant. According to most developers there are plenty of sites available in the city. In a matter of months, the prices will soar again.
Most of the IT professionals who are buying property here, are working in Bangalore, and have invested here, in anticipation of the city being tipped to take a good share from the IT capital in a matter of few years. The Bangalore-Mysore Infrastructure Corridor Project which will reduce travel time to an hour and a few minutes, has also been a factor that has worked on the minds of investors. The proposal by the IT Secretary to introduce AC buses and trains exclusively for the techies to commute between the two cities has added to the government's commitment to give the city a major thrust.
According to D Srihari, a property consultant in the city, smaller investments too command good appreciation. "It is safe to invest in a plot that has a value of Rs 500-700 per square feet, as the returns will be high after a few months".
Ring Road brings good returns
The Outer Ring Road that runs along the city's periphery, where land is available, is a good place to invest in. With the city rapidly growing, and the city's old localities already bursting at their seams, its time to look beyond. With the Bangalore-Mysore Infrastructure Corridor Project, IT belt, textile park, and airport located in the vicinity of the Outer Ring Road, the potential of development along this stretch is immense. It is for this reason that sites are being picked up in Vijayanagar Stage IV, Dattagalli, Rajivnagar and Srinagar.
Variety of layouts
As of now, there are three types of layouts available in the city. Layouts developed by Mysore Urban Development Authority and Karnataka Housing Board are well-developed layouts that will be available after around 15 years from the time of application. Then there are the layouts formed by Societies. As of now, there are 25-30 acres of land available under these layouts. Also, there are layouts formed by private developers.


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