Mysore is no longer a laid-back city, but on the contrary, is buzzing with new opportunities and growing infrastructure.
As if these are not reasons enough, there are so many other benefits of investing in real estate in Mysore, a promising Tier 2 city in India.
Real estate investment in Mysore is not any more tricky than real estate investment in any other city, but a good strategy will make your investment worth it. These tips will also come in handy in helping you start off with your real estate investment on a great note.
RERA registration of properties
This is perhaps the first thing you should be aware of. All properties in real estate in Mysore must be registered under RERA and must further follow the guidelines that are mandatory. This is so strict that properties that are not registered under RERA i.e., properties that do not have a valid RERA registration number, must not even be promoted, let alone bought or sold. It is also always recommended to invest in MUDA-approved properties in Mysore to avoid any legal complications in the future.
Types of real estate in Mysore
Just like most other cities, properties in Mysore are majorly classified into residential real estate (homes, apartments, etc.) and commercial real estate (schools, offices, hospitals, hotels, etc.). Properties in either type of real estate vary greatly in their pricing range which is dependent on the area where the property is located, the size of the property, how far along the property is concerning completion, amenities available, etc. In general, commercial properties tend to be a lot more expensive than residential properties.
Choosing a property
This requires a lot of concentration, especially for first-time investors. Nonetheless, it is not something impossible. If you are investing in a building, whether a home or an office, it is important to check for wear and tear as these determine how strong the property is; in the case of vacant land, the same is not required. Choosing a property in real estate in Mysore really depends on the needs of the investor and their plan for the property in the coming years. If your main reason is to use it sometime in the future, go for a property that assures a higher resale value.
Value of the property
After checking for the state of the property, the value of the property can be easily determined while keeping in mind the current market value for properties in real estate in Mysore. Any property that seems to be overly priced is probably just that. In a huge market such as real estate, these simple points will make a huge difference to your investment.
The main reason for investment
Why are you buying a property and how do you wish to use it? There is no single answer to these questions as it would be different for every investor depending on their different needs. Most commonly, property investment would be to buy a home to move into or to rent out, or to buy vacant land which can further be for numerous reasons. The land is a highly versatile property and needs the least maintenance as compared to any other type of property. It is also one with the highest resale price given that the value of vacant land is always increasing.
GSS Projects is a real estate consultant formed in 1995. With over 25 years of hands-on experience and successful completion of more than 30 projects in real estate in Mysore, GSS Projects is the best consultant for all your needs. Contact us for a consultation.