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PROPERTY NEWS
  "Mysore city authorities have a proposal for farmers who own land in and around the city: Part with your plot for nothing and get 18% of it back after it is developed and potentially more valuable.
The Mysore Urban Development Authority (Muda) thinks it’s offering a good deal to farmers as it competes with private developers for land to build public housing in a city where property prices have doubled in 18 months. Whether the offer will find takers is in some doubt."


 
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Residential Property News
Notwithstanding the slump in real estate activity in Mysore, high-end property developers are eyeing the market for gated communities.

The launch of villas and residential projects for high-end buyers comes even as developers catering to the middle- and upper- middle class people are applying brakes on investments in view of the dull market scenario.

Nearly 7,000-8,000 sites are ready to be sold in Mysore today, which translates into 1.6 crore square feet of residential plots in the city. Also, the scenario in the apartment market too is buoyant and anticipated to show fruitful results. Almost a whopping 3,000 flats are expected to be made available by the end of this year, which translates into 30 lakh square feet of private housing space in the coming year. Nearly Rs 600-700 crore is being invested into these private housing projects in the city by property builders developers.

PBEL, executive director Anand Reddy said, “The Company has invested twenty crore rupees on a ten acre plot of land at Devanoor village along the ring road in Mysore to build a residential township. The investment has seen the company acquire ten acres of residential land in Mysore.
 
Residential Property
 
 Apartment News
Apartments by reputed builders Brigade and Puravankara are under construction. Brigade’s Elite 1 and 2 on KRS Road, Brigade Tiara in Yadavagiri, and Brigade Habitat, in Lakshmipuram are premium apartments that can be explored. The Brigade Splendour offering 4 BHK apartments is ready for possession.
 
Apartment
 
 Agriculture News
Mysore city authorities have a proposal for farmers who own land in and around the city: Part with your plot for nothing and get 18% of it back after it is developed and potentially more valuable.

The Mysore Urban Development Authority (Muda) thinks it’s offering a good deal to farmers as it competes with private developers for land to build public housing in a city where property prices have doubled in 18 months. Whether the offer will find takers is in some doubt.Making deals: Mysore Urban Development Authority office on JLB Road.

“The objective is to give back farmers 18% of their own land, after it is developed, so that they get to retain the asset...,” said A. Rudrappa, joint director (planning) at Muda. “It will also prevent them from being cheated by builders who often don’t pay them the entire amount.”

Muda has 150,000 applications pending for public housing in Mysore, the largest city in Karnataka after Bangalore, the state capital and India’s Information Technology hub. The agency’s inability to pay market price for farmland has driven landowners to private developers and sent property valuations soaring.
The 18% land-back offer is based on the average cost estimation of developed and undeveloped land that showed farmers would benefit even if they get back less than one-fifth of their original holding, according to officials at the urban development department in Bangalore.
 
Agricultural Land (MUDA)
 
 Commercial Property News
The commercial office space market in Mysore is just beginning to flower. Current commercial and industrial development is in the areas of Metagalli, Hootagalli & Hebbal, located north-west of the city. Existing Grade-A office space developments are represented by Infosys, Wipro and Software Paradigms. According to C&W, commercial office space of around 1.386 million sq ft is expected to come up in the peripheral areas over the next two years. Commercial office warm shell rents in the city are estimated at Rs 20-25 per sq. ft per month.
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