NRIs seek Properties in Mysore

The IT boom had escaped the city of Mysore despite its proximity
to India’s silicon capital, till Wipro, Software Paradigms and
COMAT set up operations in 1999. Today, 38 units operate from
Mysore, with software exports touching Rs. 400 crore in 2005-06.

As in other cities, with IT comes a construction boom, and apartments
and shopping malls are slowly mushrooming in and around Mysore.

The city corporation has reported 50 major projects for apartments
and shopping malls in Mysore.
Accordingly, land prices have moved up, to as much as three times
in some localities around the Hebbal Industrial Area in Metagalli
and Vijaynagar and along the Ring Road.

Rs. 30 lakhs is the average
cost of an apartment in the city. Interestingly, Mysore is finding
favour amongst the NRI community and IT professionals from Bangalore who display a keenness to reside here. Over 100 licenses were issued by the Mysore Municipal Corporation for commercial and residential complexes in 2006-07.

Thirty residential
properties in Mysore are already under construction, while the
commercial spaces are likely to take off soon.
Among the several projects, Central Park at Ideal Jawa by Shalom
Voyagers is a mega residential complex with fitness and entertainment
facilities for 1500 apartments.

The Makkaji Mall project is being
put up by Maverick Holdings, while Saijayaini Housing has 5 luxury
projects under way in the city.

Real estate experts believe that Mysore could soon be very stiff
competition for Bangalore , more so as the highway linking the
cities gets widened to a 4-lane expressway, and the Ring Road
project gets operational.