Mysore is one of the popular and second largest city in the southern state of Karnataka. The city is about 135 km from Bangalore, the silicon valley of India. Being close to Bangalore, the city is also witnessing fast industrial development, which in turn is leading to a price rise in the real estate.
Residential real estate Proximity and good connectivity to IT city Bangalore is one of the major reasons that has pushed the residential property prices in the city. Prominent developers have started residential projects in different parts of the city to meet the growing demand of the working population.
New age apartments and high rise building are being built to attract foreign investment. It is actually the right time for foreign investors to put in money in the city as the "first tier" cities in the country are reaching saturation.
Areas such as Jayalaxmipuram, Vontikoppal, Yadavgiri, Laxmipura, Vijaynagar, Gokulam, KRS Road Kuvempunagar, Lalith Mahal, Visweshwaranagar, Nanjungud, JP Nagar are some of the prime locations and with a number of newly constructed residential project
Commercial real estateCommercial areas in the city are also witnessing real estate price rise due to high demand. Shopping mall, multiplexes and other entertainment centers are being built.
Industrial Real Estate The South Indian city is home to a number of industries and is famous for aluminium manufacturing, textiles, earthmoving and mechanical systems, IT/ITES to name a few. Last four to five years have seen a substantial increase in the number of IT companies. Companies like Wipro and Infosys have made large investments in real estate by setting up global training center and Global service management center.
A number of small scale IT companies also make a significant contribution to the country's exports of softwares and IT services outsourcing. The government is also making efforts so that more companies move to the city from Bangalore, which has started experiencing a saturation.
More and more companies are setting up their offices in the city and this has created a buoyancy in the real estate market. The prices have risen considerably in the last two years and are expected to grow further as more and more large companies make inroad into the city.
With large number of developers moving in and taking up commercial and residential projects, combined with better infrastructure, the city is expected to be the next hot realty destination.