The situation of the world since March 2020 has been highly challenging for governments, industries and people in every possible way.
The real estate sector in India is the second-highest employer in the country, and due to the passing of newer acts (the Real Estate Regulation Authority Act or the RERA Act) and the COVID-19 scenario, has faced a multitude of hardships.
Mysore is a heritage-rich Tier 2 city in India that offers employment opportunities in many sectors as well as offers a peaceful living on the lines of lesser traffic than Tier 1 cities. If you prepared mentally and financially prepared to buy property in Mysore, ask yourself the questions further discussed.
This question is the most important one to ask yourself. The answer to this depends on what you plan to do with the property. If you wish to buy land in Mysore, is it for future investment, to build a house right away, or for agricultural purpose? Buying land gives you multiple ways to utilize it. Whereas, if you buy a house or a flat, the wear-and-tear come with it unless it is a brand-new. You can choose to buy a house in Mysore if you want to move in (many developers also offer advance bookings for houses that are still under construction) or resell it now or in the future.
Mysore real estate comes under RERA Karnataka (as of 2017). Always look for a RERA-approved property in Mysore to avoid future complications. Also go for MUDA-approved properties in Mysore. If you are eyeing at properties around Mysore such as in the city’s outskirts, then you need to opt for DTCP-approved properties.
Choosing such properties will safeguard your ownership and let you retain purchase proof and other genuine documents. At any point of time in the future, property resale will be transparent and hassle-free.
Regardless of the type of property that you choose to invest in Mysore, you definitely need to check for its appreciation value. The appreciation value of a property in Mysore is promising as Mysore is a real estate hotspot in Karnataka.
If you are planning to build a house, look for what you like around the house – whether it is recreation or just someplace close to work. Depending on this, you can narrow down your options to those areas that fit your preferences. Preferences apart, basic amenities such as water supply, electricity supply, connecting roads (if not already present, at least in the verge of construction), etc. are a must.
The price of the property is the most important factor when it comes to buying property in Mysore, or in any other city. The real estate sector in India is in demand as far as locals as well as NRIs are concerned. Find out if you will be able to afford a property in the area that you prefer. If not, if you would be willing to buy land in Mysore in another area.
It is relatively easier and most importantly, hassle-free if you get a home loan from a major bank with no hidden charges. An experienced real estate consultant that can help you with choosing the right bank is a great help.