Karnataka - Mysore   

Growth in real estate in Mysore

By Sharath S. Srivatsa

MYSORE, JAN. 11. Mysore city has been witnessing unprecedented growth in real estate with a large number of housing cooperative societies having secured land alienation for development of housing colonies.

The city being touted as an alternative destination for investments in Information Technology seems to be fuelling this growth.

As many as 60 housing cooperative societies have secured alienation of agricultural land for forming layouts from the Mysore North Sub-registrar's office. A few Bangalore-based housing societies have also approached the office for registration of lands to be converted into residential plots.

Though the Mysore South Sub-Registrar's office has also received applications from some societies, it is learnt that areas coming under Mysore North Sub-Registrar's office have been considered to be viable for these societies to form layouts and distribute them among the members. Land alienation has been sought in villages, including Bogadhi, Mandakalli, Satagalli, Anchya, Metagalli, Devanuru, and Marikyatanahalli, located on the outskirts of the city.

According to Mysore North Sub-Registrar, H.L. Prabhakar, the spurt in the real estate is due to development of roads, including the Mysore-Bangalore Highway and the Outer Ring Road (ORR). A plot measuring 60 X 40 in Vijayanagar 4th stage that was fetching around Rs. 1.5 lakhs before the formation of the ORR is now valued at around Rs. 5 lakhs. He said that residential sites in a few localities in the vicinity of ORR have seen a three-fold increase. The value of the agricultural lands adjoining ORR have gone up ten times, he added.

If the registration of documents is any indicator for growth, the Mysore North Sub-registrar's office has registered over 14,700 documents till the end of December 2004, an increase of 38 per cent compared to the last financial year. In 2003-2004, a total of 16,528 documents had been registered that brought revenue of Rs. 18.8 crores through registration fee and stamp duty. The office had already collected stamp duty and registration fee of Rs. 18.71 crores by the end of December 2004, and estimates a total collection of Rs. 25 crores by the end of the financial year.

The Mysore South Sub-Registrar's office has collected Rs. 24.70 crores through registration fee and stamp duty till the end of December 2004 as against the total collection of Rs. 25.44 crores during the previous financial year. While around 15,000 documents had been registered during 2003-2004, the office registered around 11,000 documents till the end of December 2004.

The spurt has also been connected with the city being referred to as the next destination for IT investment. With Hebbal Industrial Area emerging as the preferred area for IT industries, nearby areas, such as Vijayanagar and Metagalli, have witnessed an increase in land value. Easy access to housing loans has also contributed to the growth.

According to the District Registrar, M. Basavaraju, the boom cannot be considered as speculative buying as most of the transactions were single. Exorbitant cost of residential sites in Bangalore had forced people to think of other cities that had good infrastructure and connectivity, he added.

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