Realty players in Mysore speak of growing demand for flats because plots command a premium
House hunting and scouting for sites in Mysore is turning out to be a formidable task for potential end-use customers who have to grapple with a slew of issues that leave them confused and paralyse any decision-making.
For one, there is a spurt in construction activity, mostly of apartments, in Mysore which is coming to grips with lack of space for independent bungalows and row houses.
Major players including Brigade Developers, Manasa Constructions and Sankalp feel that there is a demand for constructed and ready-to-occupy flats though the preference is highly skewed in favour of plots. However, plots are increasingly hard to come by and even if available for sale, command a premium which is way beyond the reach of the salaried or the middle class.
The next best option is to scout for land on the outskirts of Mysore but the difference in amount for land is not much and hence the potential buyer is left confused. In the event there are sites at affordable rates on the outskirts, one can rest assured that the investment has to be locked in for many years as development activities have to take place in the area before constructing a house.
There are scores of such private “residential areas” which have been barricaded without any semblance of construction, some of which can be spotted along Hunsur Road.
Again, commuting from the residence to the city-centre is time consuming and will impact quality of life. Here connectivity will be a key factor and hence it is not surprising that there is a spurt of residential development along areas hugging the Outer Ring Road, which will be eventually become a six-lane road. But this also commands a premium and sites have to be purchased in the open market at an exorbitant rate and the added cost can tilt the opinion against any such investment for the present.
No sign of progress
But for those who prefer to wait and watch before taking a call on a life-time of investment, the Mysore Urban Development Authority (MUDA) is slated to allot sites in the newly developed Rabindranath Tagore Nagar as also Lalitadripura or Lalitadrinagar Layout and it is likely that nearly 6,000 sites will be distributed to the public in the two layouts alone. But this announcement was made in 2010 and there are still no signs of progress with regard to allotment and distribution though the MUDA is optimistic that it would be completed by this year.
In addition, there are proposals for new MUDA layouts including Nalvadi Krishnaraja Wadiyar Nagar that incorporates portions of Lingambudi and Yadahalli villages; Swarna Jayanthi Nagar encompassing Halalu and Chowdahalli; Lalithadripura second stage; Shanthaveri Gopalagowda Nagar second stage including Hosahundi, Bandipalya and Uttanahalli; and Lal Bahadur Shastri Nagar second stage covering Chikkahalli, Choranahalli and Yandahalli. If past records are any indication, it will be in the distant future that MUDA will develop these layouts and distribute sites. But again, the allotment will be made on seniority basis and there are nearly 1.47 lakh applicants.
Then there is the fear of cost escalation in the construction sector that could neutralise the gains made in obtaining MUDA sites at Government rates.
Hence, the next best alternative is to return to the original option — of investing in apartments. One finds oneself back to square one!