Mysuru – the city of palaces, also called as the sandalwood city, is the home of cultural transcendence in the state of Karnataka, India. Mostly famous for all its tourist attractions, the heritage city is also well renowned for its pure silk sarees and its sprawling temples of the erstwhile era.
We have all seen, heard, and talked about Mysuru being a good place for real estate investment. While many have praised Mysuru for its cleanliness and the warm-hearted attitude of the residents, there has not been enough mention about the city’s infrastructural development and its economic impact.
Prior to COVID-19 making the landfall in our country, Mysuru real estate was booming. Mostly considered by organizations and corporations as the next best alternative to Bengaluru for start-ups, Mysuru welcomed people from across various regions, religions, and cultures open-heartedly and its economy spiked naturally.
Post lockdown, many speculated that Mysuru real estate bubble would pop. Due to the corona impact on real estate in various parts of the country, investors feared that real estate prices would crash and their investment would go for a toss.
But we are not here to bog you down with baseless information. We come here as the harbingers of good news. In this article, we want to cover a few interesting developments in Mysuru that can boost the real estate sector and result in the overall infrastructural development of this city.
1. Ten Lane Bangalore – Mysore Expressway
The foremost development that is currently overshadowing other simultaneous works has to be the 10-lane expressway. This highway is touted to be the greatly envisaged economic corridor that connects Mysuru to the state’s capital.
Being built under the ‘Bharatmala Pariyojana Phase I’ with an estimated budget of 7000 and odd crores, the 10-lane expressway promises to reduce the travel time between the two cities to a mere 90 minutes.
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2. Huge Investment Inflow to Mysuru
— ET Auto (@ETAuto) August 20, 2020
Ever since the global pandemic made landfall in our country, the economic situation has been deteriorating constantly. While many people have lost their jobs, a few business owners have had to close down their operations entirely. However, the situation in Mysuru has not entirely been topsy-turvy per se.
Off late, PepsiCo has announced the establishment of its latest unit in the city. Apart from that, Asian Paints has dumped in close to 2500 crore rupees to double its production. Apart from these two, many other bigwigs of manufacturing and production have announced the opening of their units in Mysuru.
To put it in simple words, a total of 58 companies have brought in thousands of crores as an investment to Mysuru to be able to start and expand their production. As a result, close to 50000 job opportunities are estimated to be created in and around Mysuru as of September 2020.
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3. Mysore – Chennai High-Speed Train Corridor
Earlier this year, Indian Railways went public with their plans of upgrading a few of the sections of the rail line throughout the country. Out of the chosen few was the Mysuru – Bengaluru – Chennai rail line. As proposed by the Railway Board, the chosen section has been categorized as a high-speed corridor where trains can run with top speeds of 320kmph and beyond.
If all goes well according to the proposal, the Mysore – Chennai high-speed corridor via Bengaluru can reduce the travel time between two end cities right from 600 minutes to only 145 minutes. Another point that needs a special mention is the fact that this train can reach Bengaluru from Mysore in just about 45 minutes, thus easing the traffic congestion on roads and making for a quick commute between two big cities.
More details on this news available here
4. Proposed Upgrade to Greater Mysuru
In a brief meeting held at the states capital’s powerhouse Vidhana Soudha, Mysuru District Minister S. T. Somashekar put forward a proposal to upgrade Mysuru City Corporation (MCC) to Bruhat Mysuru Mahanagara Palike (BMMP). According to the report as published in the Star of Mysore website, the District Minister was supported by the elected representatives and officials of Mysuru.
Considering the rate at which Mysuru is rapidly growing and expanding in all facets, including infrastructure, it is imperative that Mysuru be granted the upgraded status. An important fact that deserves a special mention is the expansion of the jurisdiction of Mysuru City Corporation (MCC) as well as the Mysuru Urban Development Authority (MUDA) that took place in 2019.
The initial proposal for a greater Mysuru was formulated and submitted all the way back in 2013. According to the report, close to 100 villages were being considered to rope into the jurisdiction of MCC. In 2017, the proposal gained momentum when MCC began a survey in 44 villages surrounding the city.
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Mysuru Real Estate After Lockdown
With a steady population increase of 2.5% on an average every decade, Mysuru is a rapidly growing city. Spread over a vast space of 152 km2 Mysuru is the third most populous city in the state of Karnataka according to 2011 national census metrics. Not to forget the Dasara celebrations that are held here every year, the cultural capital of Karnataka needs no special introduction to the world.
The last two decades have changed the outlook of the city. Thanks to the advent of notable software companies and other MNCs that followed, the city opened up and metamorphosed from being modest & laid back to hip & modern. Over the course of 20 years, the city’s lifestyle has become trendy and real estate prices have skyrocketed proportionately but with the latest developments, there is room for more rapid urbanization. Probably just the way Bengaluru witnessed it back in the early 2000s but that is just speculation.
The aforementioned developments are sure to set things rolling and the real estate prices are set to climb, steeper than before. If you ask us, now would be the best time to invest in Mysuru real estate.
If you are interested in investing in a better future, Mysuru is the perfect place and now would be the perfect time to do it! At GSS Projects, we have the best sites and plots in Mysuru that are available for immediate registration and construction. If you are interested, contact us at [email protected]