Mysore is a Tier 2 city in India that is a real estate hotspot in Karnataka. The city is witnessing rapid economic growth and commendable improvements in infrastructure, urbanization, etc.
Revenue sites in Mysore are properties that are basically constructed on agricultural land, the reasons for this may be many but the main reason is that they are cheaper than all other types of property of vacant land. These sites may be converted to residential or commercial properties, making them part of residential real estate or commercial real estate respectively.
For revenue sites to be converted to residential sites, a legal procedure must be followed and this is done through registration. Revenue sites can be legally registered and the process can be easily initiated online by paying a fixed fee. However, a conversion order provided by the relevant authority is mandatory for the registration process.
Revenue sites in Mysore are considered to be agricultural lands until they are converted and any construction before the registration process is complete would be considered illegal. When it comes to any type of real estate investment, one must always be aware of risks and not just the best deals. However, those who really want to invest in land but have fewer funds can consider investing in revenue sites despite some risks.
While initiating registration for revenue sites is simple, it may take longer than expected so one should be prepared for delay and other plans in case the registration is not done within the time that it was planned to be complete.
While investing in revenue sites in Mysore, loans may also not be simple to get as the financial institutions that provide home loans consider the risk factors before anything else. Once the registration is complete, the land would be DC-converted land; the basic meaning of such land is that it is fit to be used for purposes other than agriculture.
It must be noted that many times agricultural land or revenue sites in Mysore may be best suited for the same purpose and also fetch better revenue while used for agriculture. If it does not seem to be good enough, such as in cases where it is used for the purpose for many decades and is now barren, then it makes sense to convert it for other purposes such as residential or commercial use.
If a potential real estate investor wants to use a revenue site for residential purposes as they cannot afford to invest in another piece of land, they may be right in planning for conversion. A legally registered site also eases getting any other approvals that are required for the property in real estate.
A downside of revenue sites may be the infrastructure and surroundings including amenities because basically, these were meant to be used as agricultural real estate only. However, on the bright side, revenue sites in Mysore are cheaper, and once the conversion is complete, whether commercial real estate or residential real estate from agricultural real estate, they can be used for relevant purposes.
As Mysore is one of the few cities that still offers land at affordable prices, any type of property may truly be worth investing in. Besides, the value of any type of land does not deteriorate and only increases with time, promising the investor a good ROI.
GSS Projects is a real estate consultant that proudly houses experts in the field. Look no further for professional real estate consultancy services and contact us now to learn more about, or invest in revenue sites in Mysore.