Problems Of Real Estate Sector And Tourism Sector In Mysore

When COVID-19 emerged in a populous nation like India, most industries went haywire and the travel and tourism sector was thought to be the worst hit.

In case of the real estate sector, it came close to the tourism sector but had a more severe blow as the sector in India was already struggling with other complications such as abiding by the RERA laws.

Plots in Mysore were still in demand as most people belonging to the working class felt that it was the right time to invest whatever savings they had in the real estate sector. As a future investment, plots in Mysore seemed promising and for all the right reasons. Mysore, a Tier 2 city in India is quickly growing into an IT hub and also serves as home to many other industries, providing ample employment opportunities.

Problems of real estate sector and tourism sector in Mysore

The real estate sector found marketing of plots in Mysore or any other real estate property the hardest after the RERA law was implemented in Karnataka. Soon enough, the key to best marketing methods was found through digital marketing while no other physical marketing strategies could work. This improved the sales to a good extent as most people used their phone more than ever, being confined to homes and having more leisure time on their hands. Those interested in plots in Mysore searched a great deal of times online, another reason being that dealing with anything online would have proof.

With digital marketing such as social media marketing, people (target audience for the real estate sector in Mysore) easily found what they were looking for and more. With laws like RERA that provides utmost protection to buyers, real estate sector in Mysore boomed again. Before that, most developers were also having a hard time selling plots in Mysore, unaware of a quicker approach to gain ROI for their livelihoods. This factor along with the GoI announcing the lowest interest rates on home loans in decades encouraged real estate investors to take the next step and change the planning stage to purchase.

We shall discuss about the problems faced by travel and tourism sectors. Travel was nearly nil due to strict lockdowns throughout the country, especially during the first wave of 2020. When the first lockdown was eased, the tourism saw a slight increase in revenue but soon there was a second lockdown. Then, as the industry recovered slowly as things got back to nearly normal as far as daily living was concerned. Currently, a third wave is expected in mid-2021 in India. The travel and tourism sectors are hiking prices to cope with the inevitable loss. With precautions such as regular sanitisation of travel vehicles (buses, trains, flights, cruises, etc.) and assembly buildings (bus stops, railway stations, airports, cruise ports, etc.). One way to cope with loss in this sector would be to provide paid virtual tours of tourist spots wherever possible.

Newer layouts offer newer plots in Mysore but what truly matters is how useful the plots are. They must be suitable for the purpose that they are purchased for. The best-chosen vacant land plots in Mysore can be used for many purposes equally well. This type of real estate investment in Mysore will be fully worth your money.

If you want to consult a genuine real estate consultant in Mysore, your search ends at GSS Projects!. The company has been around since 1995 and has made a great progress in the field of real estate. Contact us for help from an expert team, rest assured that you will get the best of services.