The construction sector in Mysuru is witnessing a major revival driven by the demand surge for housing even as builders have put the pandemic blues behind them.
There is a general sense of optimism of the future fuelled by the end-users’ interest in pressing ahead with their housing plans and this is evident in a slew of construction of individual units or row houses.
Major players and stakeholders in the industry such as members of the Builders Association of India (BAI) aver that the pessimism of the pandemic days are clearly behind them and they are close to achieving the pre-pandemic days of business turnover.
“There is demand for individual houses and this is fuelling the growth and the construction sector reached the pre-pandemic level of growth and turnover way back in November/December 2020. But the second wave from March/April 2021 put a break on the growth but now it is on the path to recovery’’, said Ravindra Bhat of Foundations Group and former Chairman of Builders Association of India.
The optimism is also driven by the vaccination drive and administration of nearly 750 million doses so far, according to N. Subramanya of the BAI, who has his own construction firm. He pointed out that there were no issues related to labour either which emerged during the first wave of the pandemic.
Another leading builder who took a project of 160 units completed it during this period; and out of his share of nearly 110 units, almost 85 per cent has been occupied. This is a general perception among the various builders and stakeholders in the sector who anticipate a boom that was projected and witnessed during 2001-2010.
‘But there is a general concern over the increase in the building material cost which is affecting the purchase or final construction cost that has to be borne by the end-users. The rates of most construction materials – ranging from sanitary fittings to steel and m-sand – have increased by 15 per to 20 per cent and this will push up the overall construction cost, according to Mr. Subramanya.
But notwithstanding the rise in the price the sense of negativity which pervaded the sector has almost disappeared and unlike the tourism sector which is still in the doldrums, the construction sector is witnessing a boom.
The slew of infrastructure projects initiated by the government including better roads to improve the connectivity factor is also playing a major role in drawing fresh attention of long-term investors towards Mysuru, according to the stakeholders.
While the construction boom is evident the demand for sites or even apartments is also showing an uptick. However, the commercial space segment is yet to gain traction and this is evident in the slew of vacant office complexes that are yet to be occupied within the city and along the Outer Ring Road.
