Situated 140 km from Bangalore, Mysore, since ages has remained the favourite second home or holiday home destination for Bangaloreans. Located at an altitude of 763 meters and surrounded by hilly mountains, Mysore invite with its clean surroundings and cultural heritage. Bangaloreans with white collared jobs work throughout the week and drive down to the cool ambience of Mysore for the weekend or for extended holidays.
After the up-gradation of the airport and completion of the Bangalore-Mysore Infrastructure Corridor project, the demand for land for residential properties in Mysore is expected to grow exponentially. Today, Bangaloreans are looking at Mysore not only for a second home option, but are also investing in the city as primary buyers. A reason why Mysore is becoming a preferred real estate investment destination for Bangloreans is the cost-effective options compared to those in the IT city. While property here is relatively low in price, the medium and long-term returns will be healthy.
As the primary choice for second home destination – Vijayanagar, Dattagalli, Kuvempu Nagar and Jayalakshmipuram have metamorphosed into full-fledged residential areas with high property values. Buyers are focusing on growth corridors such as Koodanahalli and Nanjangud. In these areas Villas are available in the price range of Rs 3,000-4,000 per sq ft.
Villas, the most popular second home configuration in this town, is available between Rs 50 lakh to Rs 2 crore. Villas in affordable range of about Rs 2,000-3,000 per sq ft are also available in destinations such as Elivala, Srirangapatna and Hunsur on the Mysore-Coorg and the Mysore-Bangalore Highways. These areas are well connected to the city yet offer a peaceful life away from the humdrum of city life. Catching on the opportunity, developers in these areas are coming up mostly with integrated townships with different housing formats.
The ‘second home’ market, which was on a rise before the slump in the market, has gained momentum once again amongst buyers in Bangalore. This has alternatively pushed real estate development in neighbouring Mysore.
Courtesy :Real Estate News and Trends in India
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