Greetings to my readers,after the lockdown due to COVID – 19. In this article, I wish to give foresight into the real estate prices in Mysore in a post COVID situation.
As of September 2020, the outbreak of corona diseases has spread to 6 continents. 9,28,000 people have died after contracting the respiratory virus. Approximately 215 countries have been affected by COVID 19.
At the city of Mysore, 28077 cases were reported out of which it is heart-rending to know that 650 people died due to this horrible virus.
Most of the pundits predicted a crash in the real estate prices by about 25%-30%. In other words or in layman language, a property which is costing 1.00 crore should be selling in the market for 70 lakhs!
No way, none of these things happened in Mysore. The Mysuru real estate saw a surge forward in the number of buyers who brought various plots, apartments and villas.
It was not magic or just by chance that the real estate markets came out in a positive direction. History is proof of this in India. With the following illustrations in 1984 – Indira Gandhi assassination, 1990 – Mandal Riots, 1991 – Rajiv Gandhi assassination, 1992 –BabriMasjid Demolition, 1993 – Bombay bomb blast, 1998– Nuclear test, 1999 – Kargil war, 2001 – Tech meltdown, 2002 – Gujarat riots, 2004 – UPA1 government, 2004 – Tsunami, 2008 – Bombay terrorism, 2009 – UPA2, 2016 – demonetization, 2017 – GST, 2018 – NBFC problems……..
Still, despite all these incidents, most of the markets, including stock markets, have reached their all-time high.
“Reason is with the population of 125 Cr our GDP will grow blindly 6% because Indians will need to do something for their living.”
FACTORS AND FACTS CONTRIBUTING TO THE REAL ESTATE CITY MYSURU CITY
- Mysuru city by its geographical location is located on the periphery of Karnataka State border. The town is only a few hours drive from the two states of Kerala and Tamilnadu. The city already has investors from these two states.
- Mysuru is shortly going to be connected by the new Ten-Lane Highway between Mysuru and Bengaluru, within the next two years. Work is already in progress. When I traveled to Bengaluru recently after a long span, it was tough for me to recognize our previous highway from these two cities. Work is in progress at a very rapid pace and once completed, will need only 90 minutes to reach Bengaluru.
- The International Airport is very much a reality. The Central Government has fixed the land acquisition rates atRs. 1.60 crore/ Acre of revenue land, required for the new runway which will be an overpass, the first of its kind in India.
- Another significant development which will spur the real estate prices is the absolute increase in the end-user. There has been a considerable increase in the end-user after the lockdown was lifted. People wishing to build houses have moved in very seriously in large numbers, and the sub-register offices are proof of this large number of registrations.
- The people of Mysuru were relieved mainly to see the appointment of the new chairman to MUDA after a gap of 14 months!
- New layouts awaiting the release of sites, the recent approval of plans took a fast lane and was injected in a much-needed booster dose in the right direction.
- The industrial sector is also looking up, as in another five years Kadakola near Mysuru is expected to be developed on the lines of the white field at Bengaluru.
- Asian Paints will invest 2400 Cr on 175 Acres of Kadakola.
- King’s wood plywood will invest 500 Cr on 70 Acres.
- Carlsberg will set up 200 Cr on 60 Acres.
- Pepsi Cola to invest 100 Cr on 35 Acres.
- Inland Container Corporation of India will shell out 145 Cr on 62 Acres.
All these establishments will provide jobs for 5000 people!
- The recent doubling of railway track for 16 – daily trains between Mysuru and Bengaluru has resulted in lesser time travel. The Prime Minister, Mr. Modiji has recently included Mysuru city also for implementation of Bullet Train (only nine cities all over India).
These projects will be completed in the next five years if everything goes well. These projects are just 20 km from Mysuru.
My conclusion is that a majority of my readers will agree that the directions of the real estate prices in our city of Mysuru are headed north, and there is no need for anxiousness.