Residential
A Guide to Real Estate Investment in Mysuru
November 27, 2023
In the real estate market, Mysuru has been a dark horse, becoming a highly investment-worthy city in South India. Celebrated as a heritage place, the place offers the best of both a Tier 1 and Tier 2 city—thriving commercial activities and quaint surroundings for a better quality of life.
Mysuru is the second largest city in Karnataka. The place is seeped into history and natural beauty. Poised for rapid growth and development in the upcoming years, Mysuru has quickly emerged as a real estate hotspot, not only within the state but across the country. While Bengaluru remains one of the top investment destinations and will continue to be, its extremely fast-moving lifestyle, congested traffic and high pollution levels are prompting potential buyers and investors to move into apartments in Mysuru.
This blog is an all-encompassing guide you will need if you are planning to buy a residential property in Mysuru.
Investment Potential in Mysuru
Here are some of the key reasons why the city holds a special place in the real estate market of South India:
Cleaner Living
Several resources confirm that Mysuru is ranked as the fifth cleanest city in India by the Swachh Survekshan or Cleanliness survey. The city credits this feat to the policies implemented by the local government and the citizens.
Mysuru is equipped with some of the finest drainage and sewage systems. Furthermore, the local administration is dedicated to efficiently recycling solid waste. They consistently organise awareness campaigns and workshops to educate residents about cleanliness and hygiene. The cleanliness factor is a unique selling point of the area that piques the interest of homebuyers in the upcoming apartments in Mysuru.
Infrastructural Boom
With ongoing projects like the outer ring road and urbanisation initiatives by the Karnataka government, Mysuru is poised for continued infrastructure growth, making it an attractive destination for residential real estate investors.
The 111 km Bengaluru-Mysuru expressway is one such initiative that uplifted connectivity to Mysore city to a significant extent. It effectively reduced the travel time of four to five hours from Bengaluru to the city to a mere two-hour drive. The area is set to undergo significant infrastructure improvements, including developing an outer ring road, a film city and several other urbanisation projects initiated by the Karnataka government.
IT and Industrial Activities Growth Spurt
The favourable infrastructure development spurred the growth of commercial activities in Mysuru. It improved connectivity across the city, easing the conducting of business of any scale and nature. Today, the place is home to multiple tech giants such as Wipro, Infosys and Software Paradigm India, among others.
The Karnataka government has recently introduced three programs explicitly focusing on Mysuru and various regions across the southern state. These initiatives aim to expand the information technology (IT) and startup ecosystem, extending it beyond the boundaries of Bengaluru, the capital city. These programs consist of The Karnataka Digital Economy Mission (KDEM), Mysuru Cluster Seed Fund (MCSF) and Mysuru Global Technology Centre (MGTC), along with the Karnataka Accelerator Network (KAN).
A Center of Educational Excellence
Mysuru is home to a range of prestigious educational institutions that draw scholars not only from Karnataka but also from neighbouring states. Among the prominent schools and universities in the city are the University of Mysore, JSS Medical College and Hospital, Maharaja's College, School of Planning and Architecture and SDM Institute of Management Development.
The presence of these esteemed institutions fosters a demand for affordable apartments, hostels and other co-living accommodation options near these prominent education centres.
Key Locations for Investment
Here’s a look at the top three areas to invest in Mysuru:
Bannur Road
Bannur Road, known for its concentration of educational institutions, has recently emerged as a significant player in the real estate sector. As a rapidly developing area, it offers substantial potential for future growth, making it an opportune moment to consider Bannur Road as one of the top residential property investment options in Mysore.
The road promises a high ROI potential as it links Mysuru to Bengaluru and can be accessed just six km from the city.
While Bannur Road appears in the city suburbs, it ensures convenient access to key amenities and essential locations, such as medical institutions and educational centres.
Ring Road
This upcoming area presents an attractive opportunity for long-term investments in residential real estate projects. Ring Road offers the allure of living amidst the serene beauty of Mysuru’s natural surroundings, away from the chaotic city traffic.
Furthermore, the region enjoys excellent connectivity to the rest of the city, with the esteemed Manipal Hospital just a 15-minute drive away. Other attractions, such as the White Palace Convention Center and the Sunrise Sports Area, are conveniently located within a 10-minute drive.
Ring Road caters to all the essential amenities required for a comfortable and high-standard lifestyle, all at remarkably affordable prices.
Hunsur Road
Hunsur Road is rapidly emerging as a sought-after residential area for real estate investors. It stands as one of the prime destinations to purchase land in Mysuru, positioned a mere two km from the city centre. The area is a crucial artery, connecting the city to various regions within the state, including Coorg, Mangalore, Hassan and parts of Kerala.
Due to Hunsur Road’s proximity to the city's limits, residents here enjoy easy access to many amenities, making daily life convenient and comfortable. Numerous ongoing projects in this area offer diverse investment opportunities, ranging from apartments and independent houses to residential plots like Brigade Oak Tree, catering to various preferences and needs.
Investment Strategies
No matter how lucrative an area appears from an investment standpoint, any oversight in your purchase strategy will result in a life-long burden rather than securing an asset. Here are a few factors you must key in your investment strategies:
RERA Verification
A Guide to Real Estate Investment in Mysuru
K-RERA (Karnataka Real Estate Regulatory Authority) mandates that developers provide comprehensive project information, including project plans, approvals, timelines and financial details, on the authority's website. Verifying the RERA number allows you to access this information and evaluate the project's credibility.
When you verify the RERA number, you can access information about the developer's track record, experience, and past legal disputes. This insight can help you assess the credibility of the builder before committing.
Rental Income Opportunities
If you seek a steady income stream, consider investing in rental properties. With the presence of educational institutions and an emerging IT sector, Mysore has a growing demand for rental accommodation.
Research the local rental market and price your property competitively to attract tenants.
Security
Security is among the priorities in a homebuyer’s list of must-haves. It guarantees peace of mind along with prospects of returns from their property.
During your research on apartments in Mysuru, it is essential to focus on key safety features such as fire extinguishers, CCTV cameras and robust locking systems within the property. Additionally, take the time to conduct a comprehensive assessment of the neighbourhood, including evaluating local security standards and assessing crime rates to make an informed decision.
Conclusion
As Mysuru continues to grow and evolve, the potential for high returns on investment in the real estate sector remains promising. Whether you are looking to build a steady rental income or seeking long-term growth, the city’s real estate market provides the ideal platform to achieve your investment goals.
With careful planning, due diligence and a long-term perspective, you can strike a profitable real estate deal in one of India's most culturally vibrant and economically dynamic cities.
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