Karnataka is one of the most popular cities in South India and is famous for its culture as well as the IT sector.
Mysore is a small but prominent city in Karnataka and is also a Tier 2 city in India. Real estate in Mysore is growing just as quickly as the city is in terms of infrastructure, IT, and much more.
Just like in any other sector, the real estate sector in India was badly affected during the lockdown post-COVID-19 outbreak. Not just that, the sector was even severely impacted as it was already suffering since the sudden implementation of RERA and the change in real estate laws imposing those involved, mainly builders or developers. Real estate in Mysore was no different but the real deal lies in how quickly the sector came to be its usual self with quick adaptation to new rules.
Certain cities such as highly urbanized metro Tier-1 cities are very expensive whether it comes to real estate investment or even the cost of living, however, the standard of living is the best in these cities.
The higher population in Tier-1cities makes living more congested and due to the high demand for living space, even renting houses becomes very expensive; adding to the high cost of living, these cities may not be affordable by many.
Given that Mysore is a Tier-2 city, real estate in Mysore offers properties at a more affordable price point. Moreover, there is hardly any compromise necessary in the standard of living as it is almost comparable to bigger cities but at a notably lesser cost of living.
In the near future, properties in real estate in Mysore may rise exponentially due to the rising demand in a city that has a highly promising future. Mysore is also close to Bangalore, ‘the IT hub of India’. With a 10-lane expressway that would connect the two cities, travel time will be reduced to almost half the current time required for the same commute. The rush on this path is generally high every day.
As a result of the improving infrastructure, real estate in Mysore is seeing a growing number of properties and an increased demand for these properties located around newer residential areas. Interested real estate investors are even prepared to invest a large amount of down payment to secure a property in these promising upcoming locations. These locations are particularly a blessing for those who want to live close to both cities at the same time. With the rapid development, modern amenities will make residing in these areas simple and easy.
Bangalore is currently one of the most popular cities in Karnataka, and in fact, has the most diverse population from all over India, thanks to the numerous IT companies which offer tremendous employment opportunities and career growth. There are also many MNCs in Bangalore that are of international standards, some of which even repeatedly make their way into the Fortune Global 500 list.
When it comes to commercial real estate, Bangalore will have the most profitable commercial properties due to demand for nearly everything in the capital of Karnataka, whereas real estate in Mysore is famous for both residential real estate as well as commercial real estate, where the latter is seeing a rapid increase in demand than ever before. Other interesting cities to invest in real estate in Karnataka include Mangalore, Chikmagalur, Shimoga, etc.
GSS Projects is a real estate consultant that was formed in 1995. It has gained clients for a lifetime ever since and has grown to great heights. Contact us to help you with any type of real estate investment or real estate in Mysore.