Demand for ready-to-occupy flats
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Many builders, including Manasa Developers, are catering to this need, says R. Krishna Kumar
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Speculators and investors in real estate have exited, leaving the field wide open for genuine buyers interested in apartments and plots in Mysore. This is the view of leading builders and developers who aver that the market is no longer depressed but the buoyancy of the pre-downturn days is yet to be reached. But that may take a while as bank lending rates have gone north and this may act as a dampener for a robust recovery. However, the fluctuations in the lending rates have not prevented some of the leading builders from initiating new projects or go on an overdrive to complete the pending ones to cater to the demands of the genuine buyers. A case in point is that of the Mysore-based Manasa Developers who have a slew of projects under their belt.
P.S. Reddy, Managing Partner of Manasa Developers, told The Hindu PropertyPlus that the demand for apartments and flats is definitely there and most of the inquiries come from those keen to move into ready-to-occupy flats. “We have noticed that a majority of the potential customers are locals, which underlines the changing mindset in Mysore to reside in flats which was a no-go area in the past”.
To cater to this segment, Manasa group is working on a few projects including Manasa Mayuri which comprises 16 apartments of 2 and 3BHK each. Coming up at Yadavgiri, the built area of the 2BHK apartment will range from 950 sq. ft. to 1,160 sq.ft. and the 3BHK apartment, from 1,440 sq.ft. to 1,620 sq ft and is expected to cost Rs.2,800 per sq ft.
The project envisages vitrified flooring for living, dining and kitchen and black granite slap platform with stainless steel sink and drain board for kitchen apart from other quality fittings. With facilities for individual car parking at the basement and landscaped greenery, the project is on a fast track to cater to the local demands, according to Mr. Reddy.
The group is also forming nine layouts in the city and has the approval of the Mysore Urban Development Authority (MUDA). Mr. Reddy and Y.G. Chinnaswamy are the Managing Partners of the group.
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