“What can you expect if you invest in real estate on Mysore Road?”
The real estate industry in the city of Bangalore has been growing exponentially. Though faced with challenges due to rising prices, inventory and reluctance of buyers to invest heavy, builders have been trying to provide more options to customers by launching developments in new locations to attract buyers.
The stretch between Nayandanahalli and NICE road junction popularly known as Mysore road, lying in the South of Bangalore, is one stretch that is getting all the attention due to the availability of land, proximity to industrial hubs, infrastructural development and connectivity. Areas in the periphery of Mysore road being considered for development include Rajarajeshwari Nagar, Kengeri, Uttarahalli, Nayandanahalli and Banashankari 5th Stage and 6th Stage,this are called hot locations in Bengaluru
Here’s what you can expect if you invest in real estate on Mysore Road
Appreciation in Property Value
- Close proximity of the area to the NICE corridor and the upcoming phases of metro hold good for rise in property value in the future.
- Easy connectivity to IT hubs in eElectronic city through the NICE corridor has furthered interest among prospective buyers.
- Mysore road saw the maximum number of launches for new projects aggregating 54 percent of all apartments and villa projects launched in the area.
- The proposed Cauvery water supply phase 3 will ensure drinking water for the area adding to the demand for the area.
- Properties are subject to 6 to 10 percent growth in value, year on year.
Range of Varied Investment Options to Choose from
The area has multiple options for investment in apartments, layouts, and row houses. People interested in independent homes can buy land/plots for rupees 500to /700 per sq. ft. at Muddaiahnapalya, a 2000 acre proposed development by the Bangalore development authority.
The average price for layout in the peripheryal areas of Mysore road moving towards Bangalore stood at Rs. 3650 per sq. ft. for plot or land with the price reducing, moving towards Mysore standing at Rs. 1150 per sq. ft.
Apartments for the amenities they provide cost more to the buyer with the minimum being rupees 3600 per sq. ft. rising up to rupees 4500 in the vicinity of Mysore road.
Read More : Villas In Bengaluru
Availability of Social Infrastructure
There are schools, malls, hospitals that line out the stretch on Mysore road for making life convenient for dwellers in the area. Development of residences and other infrastructure will ensure more public spaces coming up.
Healthy Returns on Investment as Rent
The area holds good rental value with a Rs.300 to 700 per sq. ft. in areas fetching priced at rupees 3000 to 16000 per sq. ft. The presence of industries in the vicinity bodes well for demand for rented property.
The most sought after rented accommodation is a 2bhk that comprises 56 percent of rented properties around Mysore road followed by 27 percent 3bhk accommodations.
The area has major infrastructural projects like the metro that obstruct traffic and smooth flow.
The municipality has been grappling with challenges managing municipal waste in the area, which can turn into a health hazard.
Points to be considered for investors interested in investing in the area
The development of the area can take more than the estimated time as the delays in constructing the metro and NICE projects show.
Not all areas in the periphery of Mysore road periphery hold the same kind of demand or promise or the same kind of return on investment.
The availability of land in the area and further gives investors the option of buying large tracts of land for at lower prices.
Developers have not been true to their word on delivery of projects in time which is conveniently aligned to the completion of infrastructural projects that are delayed without clarity on completion.