Brand Mysore has been used to such an extent that it has now become a cliche`. The city, that gave Karnataka its identity before the state got its name, is grappling with teething problems with the new found boom in its property value. Farmers around the city, who initially felt ‘blessed’ being so close to the bed of royalty, realised a few years ago that their land fetched its rate in gold. Property is the new obsession, and rightly so, especially with the prices skyrocketing with every successive day.
To say apartments are on the rise in Mysore is an understatement. Many old spacious buildings in prime localities such as VV Mohalla, Jayalakshmipuram, Saraswathipuram, Tonachikoppal, Bogadi, Gokulam, KR Puram, Kalidasa road, etc, are being suddenly termed as ‘houses with potential area for building apartments’. And, why not! The owners are pleased to let go of their houses for rates they had never heard before. It is not an unusual sight anymore for old-time neighbours to see their counterpart sell their ancestral house for a whopping sum and head towards a more silent location after completing a plum deal.
Vertical growth
Organisations like Builders Association of India (BAI) Mysore Chapter, have always been propagating vertical growth as the future of Mysore. According to them, spacious and safe apartments are the only way Mysore should move, to ensure that every middle-class person would get his share of ‘dream home’ fulfilled. But, with the availability of space and property rates having nosedived upto 25 per cent after the initial boom that almost caused Mysore its breath a few years ago, Mysoreans are now a hurried lot to buy homes, even albeit costly.
This often has raised questions about the end-users in a city known for its relatively frugal lifestyle, even traditionally. The beauty of Mysore is that even amidst big names that have touched all the IT and ITES hubs in the country, such as Sobha Developers and Brigade Group, it provides enough space for the City’s own builders like Sankalp to come up with world-class apartments promising luxury lifestyle. Other players like Purvankara (with Purva Springtime at Sreerampura on the Mysore-H D Kote Road), Damden Builders, Saijayani, Gopalan Enterprises, Pathak Constructions and Mansa Developers, are part of the league to enter Mysore.
The most ambitious project that is being looked forward to, with bated breath, is Sankalp Central Park, an integrated residential-cum-commercial development, styled along international lines that envisages construction of over 900 apartments spread over 27 acres of land in Yadavagiri.
Safer option
A spurt of apartments, where the buyers are mostly a double income group and from outside Mysore, is seen in JP Nagar, which was earlier known as the industrial hub. While some industries still continue to exist, most of the land has been converted into apartments. According to sources in the real estate industry, “Buying an apartment is a safer option than land,” because of the nitty-gritties involved. Sri Ram, a property dealer on HD Kote road, which again is witnessing major growth in the apartment sector, attributes the same to the ‘clean titles’ factor.
“People, mostly from outside Mysore, buy it as an investment option. They do not have the time for recce ( reconnaissance) or checking of papers with government authorities such as Mysore Urban Development Authority,” he says. Apartments in any locality are priced between Rs 30 lakh and upwards, depending upon the location and connectivity.
IT and ITES companies such as Infosys and Wipro, and the presence of non-IT majors including Reid and Taylor, L& T Electronics, and AT&S, which made Mysore their home a few years ago, boosted the City’s property prices. This has also resulted in retail market chains expanding and bringing Nilgiris, Loyal World, Reliance Fresh and More brands of supermarkets to the city. Old conventional shops have also started pulling up their socks to cater to the neo-age buyers who want ‘everything under one roof.’
Property rates in Mysore, which seem to have stagnated at this point, are bound to skyrocket immediately after the elections with works related to infrastructure and airport, getting on track. The track doubling work between Mysore and Bangalore, that is bound to cut down on the commuting time between the two cities to about 90 minutes, introduction of bus rapid transit system, expansion and upgradation of Mysore airport to handle Boeing and Airbus services, are bound to make the City a hot destination for property.
However, some citizen groups such as Mysore Grahakara Parishat, have been alerting Mysore City Corporation and MUDA on much needed ‘looking into’ the spurt of apartments which may result in poor quality infrastructure for buyers, insufficient water and electricity supply as a result of increased number of houses in a particular locality than planned by experts while distributing resources.
