Back to myMYSORE.com -> myMYSORE IMPRESSIONS -> myMYSORE IMPRESSIONS -> Real Estate Bubble?
Post Info TOPIC: Real Estate Bubble?
BKH

Date:
Real Estate Bubble?
Permalink   

Mr. Neelakantan at Interim Thoughts opines that the real estate market in Mysore is being highly overvalued given the lack of infrastructure and the slow rate of development.

"Mysore is more about history, heritage and culture and a "must visit" on every Bangalore tourists map. It does not have an independent standing, unlike Pune has w.r.t Mumbai. Differ with me if you like, but Mysore simply does not have the depth that Pune has in its colleges, manufacturing, technical institutes or even IT companies. And take out Bangalore from Mysore and you wont even know where it stands on the map. Why, it does not even have a half decent airport."
It irks me when he needlessly compares Mysore to Pune (yes, both are sister cities to major Metropolitans, but...). However, I agree with him on the basic premise that hype and speculation account for a large portion of the real estate price inflation.

When I was last visited Mysore about six months ago, there were talks of numerous real estate projects being undertaken in Mysore. Sahara was rumoured to be interested in developing a large self-sufficient gated township near the foothills of Chamundi. Old stately mansions (on Lalitha Mahal Rd) were being torn down to be replaced by sprawling apartment homes. Mr. Neelakantan apparently fails to see the city's potential for growth as these developers do. Evidently, our city officials do not see the potential for growth either - they don't seem to be preparing for it.

__________________
Gouri Satya

Date:
Permalink   

Real estate is witnessing a big boom in Mysore. Even the realty developers admit it. At a press conference a few days back, the Builders Association said the realty rates are expected to see a correction between 10 to 20 per cent.


No doubt, lot of interest is being evinced by genuine property developers, as one could witness at the last week's MyRealty show organised by the Builders Association at the Regaalis (Southern Star).


On the other hand, real estate sharks from Bangalore and even some in Mysore are making investments on purchase of lands from farmers at lower rates and selling them to genuine developers and housing societies at very high rates, making huge profits in the bargain. An acre of land, which very few were coming forward to buy at Rs. 2-3 lakhs just a year or two back, are being sold by these land grabbers at Rs. 35 lakhs today!


To take advantage of the situation, even the KIADB has entered the market! The KIADB has been constituted to provide land and infrastructre at concessional rates to entrepreneurs and small and medium industries. Going against this objective, it auctioned one acre at Rs. 2.5 crore just a few days back!


Seen next to Bangalore in growth, IT-BT industries are looking towards Mysore for setting up their subsidiary shops.


To take advantage of this future scenario, demand for sites is going up. Even Kannadigas abroad are buying lands in Mysore either for settling down later or as a future investment. Those who can afford are cornering 2-3 sites in new layouts coming up outside the ring road. The fact that big layouts are coming up even at a distance of 12 kms from the city is a clear indication that there is a boom in realty market, but it definitely needs a correction.


 



__________________
M.B.Nagakumar

Date:
Permalink   

Ref: REAL ESTATE GROWTH


Mysore has three Engg collages, two Medical collages and with so many other both tech and non-tech collages makes our city just right place for IT & BT related industries. We have nursing homes & hospitals, which are par to any other in western countries. Added to this, climatic conditions, greenery, availability of skilled labors and now accessibility to our capital city by road, rail and tomorrow by air are the required essence for people to invest in Mysore. If i have to believe that around 20,000 software enggs are going to make Mysore there home, the time has come for us to get ready for a huge expansion both in residential and commercial space.


Mysore being labeled as a heritage city. I feel we still can balance our city between heritage and modern structures. Please don’t label me as anti for preserving buildings with heritage values. I too have a heritage building that I am very proud of. Like China we can also adopt the balancing act.


We cannot stop the growth. We cannot stop people in buying properties in Mysore. Instead we can at least start thinking towards finding solution for ever growing drinking water requirement, UGD etc.I have a few suggestions if we could help our Govt to implement them, i am sure we will have a ideal city we all be proud of.


Let the Govt allow vertical growth in places that are 2 kms away from Myosre palace (away from heritage structures). Say if we build 15/20 floor residential buildings, the cost of water supply, UGD, public transport and other infrastructures required will cost 50% less then in providing in new layouts. Allowing more built-up area, the price for the apartments will also come down which is required for the middle-income group to buy. By converting our agricultural lands into layout, day will not be far for us to depend for food grains from other countries. Thus we need to limit ourselves in expanding layouts. Having a tall structure with more space for landscaping, we can grow more trees then we would in layouts. When whole world is talking of green building, we are at the advantage and we should implement it. When i spoke to MGP, there were also supportive towards high-rise structures. If we need to stop this unwanted rise in real estate or to provide residential space for MIG at an affordable price, we need to come up with HIGH RISE STRUCTURES.


We all need to wake up and face the reality in realty.


Builders of Mysore (BAI)- Property Show in hotel southern Star only shows how Mysore is developing into large scale residential and IT hub. If we are not ready and gear up to face this challenge...We will loose yet another opportunities like we lost FAB CITY, SEZ's, so many IT industries to other states.


We all know that our younger generations are moving away from Mysore in search of good job with fat salary, to enjoy life style like in western countries. If we create the same scenario here in our own city …they will stay with us and look after their aged parents. There won’t be any more brain drain in our country.


Our own Mysore based builders are coming out with new generation residential complexes, shopping malls and entertainment centers which needs our (Mysoreans) support. Come let us face the challenge and make our city a dream city. Having more then 100 tourist spots within a distance of 2 hours drive from Mysore, it is a added advantage to make Mysore a great place for tourism, Health, Education and best place to work. comments from my fellow readers are welcome.


 


 


 



__________________
L Venkata Ranga

Date:
Permalink   

Dear Mr. Nanda kumar,

I agree partially what you say. Our city should grow. But once it grows you cannot ask everybody to build high structures near heritage structures. (Of course Mysore Corporation has to amend rules not to build near heritage structures) Early 1990's no apartments were there in Chamaraja Puram. But now you can see number apartments there. (Similar in Malleshwaram started like this in Bangalore. Later most of the big sites became apartments).

Yes Government has to plan on our basic needs of Water, Electricity, Transportation, Shopping maals and so on......

In Bangalore, Bangalore Development Authority is coming up with BDA complexes in most of the areas. Similarly if our MUDA (already we have one in Kuvempu Nagar) plans then whatever you are dreaming will become true.

__________________
Naveena C K

Date:
Correction
Permalink   

One Correction


We have FIVE engineering colleges in Mysore proper


 



__________________
Page 1 of 1  sorted by
 
Back to myMYSORE.com -> myMYSORE IMPRESSIONS -> myMYSORE IMPRESSIONS -> Real Estate Bubble?
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard