Although the land is not logically exhaustible, it is definitely limited for investment. In fact, given the rapid urbanisation, vacant land is hard to find especially in bigger cities.
Site cost in Mysore just as in other places globally is usually ever-increasing due to an increase in demand with time. There is however logic behind its increasing cost and understanding the same may not be that hard after all.
Potential investors are usually more challenged in finding a location for property investment as their options are numerous. With real estate investment turning more popular with every passing day, choices of location are indeed higher. Despite hailing from bigger Tier-1 cities in India, potential property investors are considering investing in smaller Tier-2 or Tier-3 cities as properties here are not only more affordable but also have the highest potential for future financial benefits. Site cost in Mysore is also therefore dependent on location.
Land is a type of property that can be utilised in numerous ways which is why the demand for land always increases with time. Bigger cities such as Tier-1 cities are witnessing urbanisation faster than ever which has nearly exhausted plots that are available for investment. As a result, the cost of sites in such locations is very high, in case there is availability. At the same time, site cost in Mysore is much more affordable as it is a Tier-2 city but a great city nonetheless that offers a decent standard of living. Sites in Tier-3 cities are also a lot cheaper than the rest of the cities, but it should be remembered that Tier-3 cities may take longer to develop as proper cities.
Type of land/use
Land can be utilised in a lot of ways and some people even choose to invest in plots or sites when they can and save it for use or for resale in the future if the need arises. Land requires the least maintenance of all types of properties, making it ideal for even no-locals to invest in. Site cost in Mysore depends on the type of land and how it is suitable for use. While agricultural land is the most affordable, commercial land is the most expensive. The cost of residential land lies somewhere in between, making it ideal for investment for investors who are unsure of how to use it at the time of investment.
State of development
There are numerous developers who undertake projects of forming newer layouts, especially residential layouts on vacant land. Most of these developers put up plots for sale before being fully developed and if not all, a lot of them specify that the said plots are under development and quote fair prices. However, as an investor, one needs to do their own market research before jumping into any investment. Site cost in Mysore is higher for fully developed plots and these plots are also recommended as they would be ready for use right after investment, even if the investor plans to begin construction immediately.
Whenever a real estate investment is concerned, the future must be considered for obvious reasons and given that it is a long-term investment. Due to the unmissable appreciation factor, investing in land is one of the best options for future investment when it comes to real estate. It can be a great financial investment giving your financial security. Regardless of cost, the resale value of sites is always much higher than the initial investment, making them profitable by default.