Princely sums for Mysore realty

Mysore, or Mysuru, is the third-largest city of Karnataka, 146 km south-west of state capital Bengaluru, and is spread across an area of 128.42 sq km. Home to several educational and research institutes, it is also an important tourist centre. In recent years, employment opportunities have been on the rise with several top-notch companies like Brakes India, Hindustan Unilever, Reckitt Benckiser, Infosys, TCS, TVS, and Larsen and Toubro establishing their presence in the city.

The proposed Bangalore-Mysore Infrastructure Corridor Project (BMICP) along with the coming of IT giants in Mysore, has transformed the residential market scenario of the city. And the onset of IT companies setting their operations in Mysore only augurs well for the massive real estate development here. Such is the demand here for land that sellers talk rates in terms of sq. ft and no more in acres, which was the practice till some years ago.

Residential land values from 2000-2010 show drastic change, mostly owing to the economic development and population growth. Further, the proposed BMICP by Nandi Infrastructure Corridor Enterprises (NICE) is working towards reducing the travel time between Bengaluru and Mysore. While a four-lane road touching taluks on the way to Mysore is on the anvil, a part of BMICP between Bengaluru and Bidadi is also on the cards for opening for development. These two roads will run parallel and open up many corridors for development all the way till Mysore.

Areas of interest

Mysore Road is a relatively vast area and covers the outskirts of Chamrajpet right up to Nayandahalli. On the other side, it’s bound by Rajarajeshwari Nagar till Kengeri and its satellite town.

Chamrajpet to Nayandahalli: This area is completely saturated in terms of real estate development. Should anything more take place here, it will be a direct result of road widening in a few localities.

Development in this area has been commercial on the outside, like Gopalan Mall. Residential developments have been taken a bit further inwards. There are several old factories in the area that have been shut down and the land is now being taken over for residential as well as commercial development.

Kengeri: As a satellite town, this is a well-developed area. In fact, once Reach 2 of the city Metro is completed in five years’ time as scheduled, connectivity will get a huge boost. With the Traffic Transit Management Centre (TTMC) of the Bangalore Metropolitan Transport Corporation also coming up here, things are looking up in the area.

Rajarajeshwari Nagar: The advantage with this area is that it is wellplanned. The same is the case with the surrounding areas such as Uttarahalli Main Road and Kengeri.

Projects in the area were largely standalone to begin with, but this is gradually shifting to a mixed-use development strategy. Land and rental value are high in a large part of the city, which is indicative of reasons to invest here. Further, the Karnataka Housing Board (KHB) and the Bangalore Development Authority (BDA) have been instrumental in merging Kengeri Satellite Town into the folds of Bengaluru, which is a key factor that can influence investment consideration in Mysore. 

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OLMdesk@outlookindia.com