Property developers want to woo high-end customers who have disposable income. A look at the market by R. Krishna Kumar
Not withstanding the stagnation in the property market builders are optimistic about the growth prospects in Mysore in the luxury and the premium housing segment in the medium to long run.
In a market which is driven by preference to vacant plots rather than built-apartments, developers and builders are differentiating between those looking for shelter in the affordable segment and those exploring possibilities for a second home option in different cities and are thus catering to the niche clients — not necessarily based in Mysore. The Sankalp Group, for instance, has floated Central Park as a lifestyle property which is ready for occupation.
And now the Brigade Group has ventured into a villa project in Mysore which is the first of its kind for the city as well as for the group. The concept has evoked curiosity among developers as also potential buyers as the villa concept floated by other property developers failed to take off and a leading builder even sold the land and withdrew from the scene.
However, Brigade Group made a soft launch of Brigade Palm Grove which is coming up on an 18-acre plot at Bogadi. The project entails construction of 85 villas and townhouses each measuring 4500 sq/ft or 5000 sq/ft. B.R. Suchendra, Branch Manager and DGM (Sales) of the Brigade Group, told The Hindu PropertyPlus that the project will be completed in about 20 months.
Sense of openness
The concept redefines modern living and the thrust of the floor plan of the individual villas is to create a sense of space and openness. A private courtyard, landscaped gardens, parks, water bodies and a multi-storeyed clubhouse plus two-car parking space per villa is in the offing. While 65 to 75 per cent of the area will be retained as open space, the built area will occupy 25 to 35 per cent. With contemporary style designed by Zachariah Consultants, development will incorporate solar lighting, underground power cables, and 30 ft. to 40 ft. wide roads.
Mr. Suchendra pointed out that the USP of the project will be easy access to the city centre as it is located very close to Vijayanagar residential area and just off the ring road. “We will also highlight the approach road to the villas as it is one straight road from the Crawford Hall along the Kukkarahalli Lake and All India Institute of Speech and Hearing leading to Palm Grove.”
And who are the potential investors the Brigade is wooing? It is basically people with disposable income looking for a second home option or those with strong roots in Mysore but settled abroad or working in Bangalore. In addition, there is a growing tendency among working couples to invest in second or perhaps a third property outside Bangalore — where the prices are overheated anyway — and hence would prefer to invest in a city like Mysore with its more relaxed environments.
“We have conducted a survey and ascertained a market for it,” said Mr. Suchendra. While people in Mysore may still nurture anathema to invest in apartments they are not averse to ready-to-occupy villas and bungalows if the product is good and meets their expectations, he added. But the pricing will be a key factor.