Investment in real estate across the world has mostly been profitable to all those who knew what they were doing. Among all the other modes of financial investments, real estate has been at the top in giving the highest return on investment in a short span of time. This has lured innumerable people into trying their luck at investing in the realty sector. When it comes to India, most real estate investments have been happening in then tier-1 cities across the nation. Given today’s scenario, all the properties in tier-1 cities are unaffordable for novice realty investors. Enter tier-2 cities.
Mysore, a tier-2 city in the state of Karnataka, is on the heat map for garnering much of the attention in the last two years. Does that mean real estate investment in Mysore is the next big thing? Yes, it definitely is! To support the said statement, let us give you a glimpse of some of the analytics that proves why Mysore is picking up the pace when it comes to real estate investments.
The current average property price in Mysore is around ₹9000 per square foot. Some of the areas around the ring road in Mysore are displaying an upward price trend. They are Vijaynagar 1st Stage, Bogadi Road Area, Vijaynagar 2nd Stage, Hebbal Industrial Area, Vijaynagar 4th Stage and Bogadi. This is due to the inception of a horde of software companies and manufacturing units in the surrounding areas. These companies have created an ocean of employment opportunities for people across the nation.
A decade ago, most of these aforementioned areas either were underdeveloped or non-existent. After the ‘Make in India’ campaign launched across the country, the scope for real estate investment in Mysore skyrocketed. This led to a major growth spurt of these areas with respect to both demographics and infrastructure. Today, the property price per square foot in Vijaynagar ranges anywhere from ₹2094 to ₹5164, thanks to employees migrating to this city in search of jobs.
The above figures and analytics are just a testament to the fact that real estate investment in Mysore is the next big thing. Consequently, investors who are skeptical about the same should stop wasting their time and start concentrating on real estate investments in Mysore.