Possible Impact Of Electric Vehicle Ecosystem On Real Estate In Mysore

India is one of the most populous countries in the world, leading to the usage of an equivalent number of vehicles.

The famous Tier 2 city of Karnataka, Mysore is gaining more exposure and popularity for its many offerings including job opportunities and real estate in Mysore. The emergence of town planning system in Mysore dates back to at least a few centuries ago. To this day, Mysore remains a city with one of the best planning systems in India.

While real estate in Mysore is booming, the pollution levels are rising, and this is the case in most parts of the country. The GoI is doing all it can to promote the purchase and usage of electric vehicles (EVs) over the widely used gasoline and diesel-based vehicles.

Even though most developed countries are aware of the positive impact of EVs on the environment, a developing country like India with literates and illiterates is yet to be exposed to the full-fledged advantages of EVs. While the electric vehicle ecosystem or the EV ecosystem is being gradually adopted into the country, all sectors will be impacted in many ways. Real estate will also be impacted just as likely.

Possible impact of electric vehicle ecosystem on real estate in Mysore

Karnataka was the first state to introduce EV policy in India, back in 2017. Mysore has always been a well-recognized top city in Karnataka after the IT hub Bangalore. The policy intends on attracting more EV manufacturers to the state.

Real estate in Mysore which comes under the huge real estate sector in India will be impacted just as much as any other industry if not more. The responsibility is higher for the real estate sector since it plays a major role in contributing to ecosystems through the implementation of individual systems such as recycling plants, and now it is about implementing systems that work with EVs.

As the demand for EV charging points grows, the supply must be well-planned by the relevant management in the real estate sector. Developers and builders have the perfect opportunity to implement changes in development and construction plans accordingly to include EV-friendly ecosystems.

EV ecosystems will likely be the first preference of consumers on every level of real estate. In commercial buildings such as malls, the parking slots will be expected to be EV-friendly and have the required set-up such as the charging points for EVs of customers and also employees. The same applies to all buildings, including workplaces, hotels, hospitals, retail, etc. that classify under commercial real estate in Mysore.

In houses and apartments that are a part of residential real estate in Mysore, the demand will be higher for obvious reasons regarding the residents.

Fuel bunks supplying petrol, diesel, gas and more will be the top options for EV owners to charge their vehicles on the go. Again, real estate in Mysore that is in charge of building such stations must consider the most EV-friendly implementations to contribute to the support of an EV ecosystem.

The concerned real estate heads must keep in mind that the country is still in the transition phase which is going at a slow pace. This requires that properties are equipped to be EV-friendly while still being adaptive to the current ecosystem with vehicles that run on renewable fuels. A renowned real estate consultant will be a suitable advisor for those who want to invest in real estate in Mysore.

GSS Projects is a real estate consultant formed in 1995. With over 25 years of hands-on experience and successful completion of more than 30 projects, GSS Projects is the best consultant in Mysore for all your needs. Contact us for a consultation.