It is ranked number two in the list of 50 growing cities and realty is on a good wicket
For a city that was listed as the second cleanest in the country after Chandigarh in a survey conducted by the Union Ministry of Urban Development, here is something more to ponder over.
Mysore has been given a high rating in the “AlphaWise City Vibrancy Index: A Guide to India's Urbanisation” by Morgan Stanley India. Sheela Rathi and Ridham Desai of Morgan Stanley India, who are the authors of the study, pointed out that the Index is a measure of the drivers of urbanisation and incorporates key ingredients such as infrastructure, job opportunities, modern consumer services and the city's ability to mobilise savings. The index reveals the relative “vibrancy”/urbanisation levels of 200 cities and towns of India and could be used to ascertain the prospects for real estate prices.
“But the biggest surprise of the launch product”, according to Sheela Rathi and Ridham Desai, is that Mysore is ranked number two among India's 50 cities. The report pointed out that urbanisation was a big driver of sector trades and measuring the levels of drives and rate of change in urbanisation was important from this perspective.
The survey is expected to provide the levels of urbanisation and the rate of change and help investors with prospective sectors and is a measure of key ingredients including financial penetration, consumer services and job listings apart from physical infrastructure, according to Sheetal Rathi and Ridham Desai.
The survey findings are expected to provide insights into the rate of change of urbanisation and its impact on various sectors and stocks. The study points out that urbanisation is a multi-stage process because it involves movement from village to cities and change from agricultural occupation to business, trade, services and profession apart from changes in the migrants' attitudes, beliefs, values and behaviour patterns.
Facilities such as education, healthcare, employment avenues, civic facilities, recreation, consumer services and increasing avenues for savings are the reasons for urbanisation, according to the authors. And Mysore scores high on all these factors. Mysore has been rated number 1 in consumption pattern and financial services penetration, beating Meerut, Nashik, Aurangabad, Bhopal, Lucknow, Jodhpur etc though it does not figure in the top 10 cities for job opportunities.
Winds of change
The findings of the study matches the winds of change sweeping Mysore which is set to emerge in the new list of cities with a million-plus population as per the latest census and hence will qualify for the “metropolitan” tag. This, according to officials, will mean additional funds to shore up its infrastructure and services which will further drive the process of urbanisation; hence its implications on the real estate scenario can hardly be over-emphasised. While mere population alone does not imply growth or urbanisation, Mysore has other drivers such as education, quality of life, financial services, recreational facilities, medicare, a booming retail market, entertainment facilities etc to make it a prospective city . The change in the demographic profile and population density could impact spatial growth of Mysore, resulting in vertical development affecting real estate.
Mysore's proximity to Bangalore and the spill-over impact of that city, the impending completion of the railway track doubling work along with electrification which will reduce the commuting time between the two cities to about 100 minutes, the improved road connectivity etc are expected to contribute to the economic dynamism . The prospects of people living in Mysore and working in Bangalore [where the earning prospects are higher] can spur demand and propel real estate development in Mysore in the medium to long run.
The Vibrancy Index report and Mysore's high ranking is an indicator to the changes in the offing and should offer a key to those keen to invest in real estate in Mysore.