For a city that is known for its independent houses and the buyers’ sentiments strongly in its favour, the current market trends have not spared developers specialising in row-house projects either.
Capitalising on market sentiment for individual houses as opposed to group housing in multi-storeyed buildings or apartments, a slew of developers came up with such row-house projects in the city. Though the privately-developed row-house layouts are similar to the HUDCO houses of the past as the houses are of similar design, these projects stand out as they are aesthetically-constructed and architecturally-designed. As a result of their growing popularity, the demand for apartment projects in the city had taken a hit. But the sluggish market has affected row-house projects as well.
However, it is the commercial properties that are faring badly. Mahesh of Sneha Constructions pointed out that the commercial market was saturated with exorbitant rates being quoted by owners as a result of which there were no takers.
“The rentals being low in Mysuru, it does not make sense to own commercial properties,” he said. At places like Kalidasa Road and Kuvempunagar, commercial property rates were between Rs. 7,000 per sq/ft to Rs. 10,000 per sq/ft.
Satyanarayana, who is in the real estate business, said genuine buyers are unwilling to shell out exorbitant rates being asked by sellers, who are prepared to hold back rather than sell at a discounted rate. As a result of which, there is no transaction taking place in the city, he said. “Transactions in real estate in general and commercial properties in particular are down by more than 40 per cent compared to last year,” said Mr. Satyanarayana.
In the absence of fresh investment in the industrial sector and the stagnation of the service sector, the demand for commercial properties is expected to remain muted for some time.
‘Transactions in real estate, commercial properties are down by more than 40 per cent’
