Booming Real Estate in Mysore

The real estate scenario in Mysore is entering a booming phase as the municipal corporation of the city has issued more than 100 land permits to builders for developing residential communities. The city’s peripheral and arterial roads, particularly the ORR or Outer Ring Road have shown the highest possible development. For a plot measuring 240 sq. yard in Vijayanagar IV, you have to pay roughly Rs 15 lakhs, something which cost only Rs 4 lakhs previously.

Property prices in Mysore are going up in leaps and bounds and they have gone up four folds too in some areas, the trends make local property dealers and developers that in some areas the prices will go up three fold at least in the next 1 year. The value of agricultural lands by the Outer Ring Road has gone up by 10 times almost within a span of 5 years.

The rise has been across all kinds of property segments. For a residential plot which measures 100ftX80ft in the Ballal Circle area, you would have to pay Rs 60 lakhs to Rs 70 lakhs now, which was actually selling for only Rs 45 lakhs previously.  Rapid construction activities due to infrastructural development and arrival of corporates for setting up offices have led to this increase in property demand and prices.

For the high end projects in prime locations with top notch amenities in Mysore, per square feet rate is roughly Rs 2,000 to Rs 3,000 whereas for projects in peripheral areas, the per square feet rate comes to roughly Rs 1500 to Rs 2000. Nanjangud and Koodanahalli are two areas where villas are being developed for Rs 3000 square feet. The latest additions to Mysore’s residential colonies are Kuvempu Nagar, Vijaynagar, Nivedita Nagar, Jayalakshmipuram and Dattagalli. These areas have had the highest appreciation in property prices. The price of property in the new colonies began with Rs 250 to Rs 500 per square feet but they have gone up to Rs 3000 to Rs 3500 in the three years that followed. With the quick appreciation in property prices, house for rent in Mysore shall also witness an increase in rental values.

The market rates prevailing are roughly Rs 2100 per square feet in Siddhartha Nagar whereas in JayalakshmiPuram and Gokulam I the rates are a little higher at Rs 2500 to Rs 3000 roughly. In areas such as Vijaynagar I, II & III, the demography is becoming much cosmopolitan and there has been a quick growth in apartment communities where for an apartment you would have to pay around Rs 35 lakhs to Rs 39 lakhs.

Traditionally, Mysore has the advantage of exceptional connectivity, wide roads, large plots and pleasant weather. Coupled with the low price and current ancillary industries, many Biotech and IT companies have started operations in Mysore which has resulted in a slow and steady rise in the residential sector. Continuous rise in prices for developed plots and apartments in Tier I metros have brought about a need for the mid income group and investors to look at secondary towns for real estate investment. For people residing in Bangalore, Mysore offers a number of options to invest in today at prices which are quite competitive.

Moreover, there is a sudden increase in both the price of land and apartments which has persuaded investors to dive headfirst into investing in Mysore. With the expansion of the IT sector in Mysore, a number of IT employees are buying apartments here or looking for house for rent in Mysore.

The increase in demand for developed land parcels has been there for couple of months, as per inside information. As a matter of fact, some developers operating in North Mysore sell roughly 50 to 60 plots in a month. There is a reason for the increase in demand of developed plots in the city. Investors believe that the developed plots are affordable and will see an increase in price over time.

For developed plots, the prices range between Rs 500 to Rs 1000 per square feet depending on the developer, location and vicinity of landmarks and potential for growth of the areas nearby. Even in city areas, the prices of apartments range between Rs 30 lakhs and Rs 60 lakhs and the sale of plots are encouraging, according to realtors. Some of the leading construction giants of Bangalore like Brigade and Sobha have already started residential community projects in Mysore. Builders such as Salarpuria are poised to enter the market while Puravankara have been allotted properties in Mysore already.

There have been real estate developments in places such as JP Nagar and Eliwala where a number of projects have already begun. Builders have already reported steady increase in sales and land development is going on with full force through the city. End users planning to buy a house in the city prefer apartments whereas long term and medium term investors prefer to go for developed sites, as per realtors. Almost 30 percent of the real estate market in Mysore comprises of NRIs. On an average, builders sell 4 to 9 apartments in a month. Some of the builders which are already involved with construction here are Sankalp, Mittal Builders, Manasa Developers, Value Design Build etc.

Prestige Mall is being built which would boost the retail sector of the area. A couple of software companies in the middle segment and start-ups spearheaded by erstwhile employees of top companies are starting their offices here which are pushing up demand for office space.

Some Jet Airway’s flights are schedules to depart from Mysore and closeness of the city to Bangalore are also contributing to the decision of entrepreneurs choosing to locate their offices here in Mysore. The Comprehensive Development Plan or CDP, which got delayed, is now in its final preparatory stage and it may cover development plans till 2025 even.

The work of zoning is in progress now and there is some scope of including larger areas under Mysore Urban Development Authority. Strict norms for issuing completion certificate from MUDA have forced developers to stick by the timeline of completion of projects by builders. This will lead to increased availability of house for rent in Mysore.

Upcoming Residential Areas In Bangalore And Amenities To Look For In Them

Hoskote is a locality in Bangalore and its growth story is quite phenomenal. However, the keystone of growth in this area is much like that in any other area- good infrastructure and easy connectivity to other parts of the city.

Situated in the eastern part of Bangalore, this area has expanded because of the location of close to 400 manufacturing companies. The KIADB or Karnataka Industrial Areas Development Board has developed the region into planned zones for industries which has led to a development of this area. The Kolar district houses the Narsapur Industrial Area which is roughly 53 kilometres away from Bangalore. It was developed in 3 phases. Located over a sprawling area of 4000 acres, the area is home to prominent Indian manufacturing companies as well as Japanese companies.

Located between Chennai and Bangalore, Vemagal is being developed by the KIADB as extension of Narsapur Industrial Belt. The region will also be in the BCIC or Bangalore Chennai Infrastructure Corridor.  Vemagal is in the Devanagiri Kolar State Highway. The development is taking place in two phases. For the first phase, 666 acres have already been acquired while the 2^nd phase shall contain roughly 1000 acres. There will be several apartments of 1BHK for rent in Bangalore Vemagal area once residential construction starts off in full force.

Owing to its geographical situation, Hoskote has a lot of advantages being offered. Not only is the Bangalore side being developed, but Chennai is also doing its bit for the development of the area. The Chennai Bangalore Expressway or the NH4 is well developed and connects southern and western sections of the city. The road also connects Hoskote with Oragadam which is another industrial spot outside Chennai. Not only is connectivity available here but also social infrastructure. For example, schools, shopping areas and hospitals are easily available here.

Connectivity Options

Hoskote is a good satellite township because the Chintamani-Hoskote Road has been repaired and there is a railroad linkage between Kolar and Whitefield with a stop on Narsapur. There is also a road to Devanahalli and the Bangalore International Airport. The BCIC is also there which connects Malur in Chennai to Hoskote.

Residential Areas

The roads to Hoskote from Bangalore are seeing a lot of development in terms of residential apartments. Projects are being developed plot wise and also mid segment housing is being made here. As the industrial belt in Hoskote is emerging as an aerospace and automobile hub, the demand for luxury and premium residential units is increasing as well. The Industrial Corridor’s development is also making this area a popular catchment for residences.

The Peninsular Region Industrial Development Corridor is a plan for developing a business corridor in Chennai-Andhra Pradesh-Mumbai-Bangalore region. The development of this region shall produce a flurry of townships in this area. Places such as Hoskote and Budigere Cross and surrounding locations are witnessing development of residential apartments as land is available at an inexpensive rate.

The expectations from the Central Government are high. There is a shortage for housing in the country because of the government’s emphasis on low cost housing solutions. As the industrial regions of Vemagal and Narsapur require affordable housing, there may be a growth spurt of real estate in this area. Builders expect the new government to aid with quick land acquisition and approvals, low cost and easy funding with improved infrastructure to make housing interesting enough for investors and builders alike.

Irrespective of the style of housing project it is, some of the common amenities offered are public halls, swimming pools, gyms, kids’ play areas etc. Using these salient points, builders often try to sell their houses. However, are these amenities at all up to the standards that they should be? Before you take a house on lease in Bangalore, do check the quality of the amenities offered.

Walking Paths

A walking path or pedestrian path needs to be wide enough to allow 2 people to walk simultaneously without bumping into each other. They should not have any hazards such as undulations and friendly for senior citizens as they would be the ones using these pathways the most.

Over the world, the average width suggested is roughly 3 ½’ to 4’ for facilitating walkers and wheelchairs.

According to planning authorities of townships, the pathways, sidewalks and crossings need to be constructed for minimising collisions with external agents like vehicular traffic and noise and architectural elements that jut out. This will keep the walkers’ environment safe.

Pools and Jacuzzis

Builders should be enquired of pool hygiene plans along with maintenance guides, which is the convention in developed countries too.

The pool cleaning mechanism should be enquired of builders because there is a limit to using chlorine for cleaning water, depending on the water’s quality. Most builders are unaware of such things.

Play Area for Kids

Safe play kits and location is very important. If a children’s play area is located near a parking lot, then it can be very unsafe. Also buyers need to enquire the frequency of changing the sand in sand pits. A first aid kit should be kept nearby in case a child gets injured while playing.

Landscaping and Planting Trees

You should check the kind of plants being put in the compound. Make sure that they are free from thorns so that no one pricks their fingers on them. The plants put in should have deep roots for holding on to the soil because Bangalore has fierce winds blowing in. Potted plants and the ones that shed leaves may make walking paths slippery and therefore, you should pay close attention to where these kinds of plants are being put in.

Requirements of Gymnasiums

A bright and open design should be adopted for gymnasiums. Air circulation should be there and hence narrow and long corridors must be avoided. From the club foyer, you should be able to see the main facilities which will allow users to get used to the layout of the gymnasium.

Friendly for Senior Citizens

The project should have walking paths which are well lit and with smooth surfaces. There should be access for handicaps with spaced for helpers. Cycling paths should be separate from the pedestrian ones. Also, transportation from one sport to one other sport inside the community should be easy and there should be arrangements made for safe and small vehicles inside the community.

Top 5 Areas for Rent in Pune

If you are relocating to Pune, then it would not harm you to look up the most preferred localities for rent in this city. Some of the most popular areas for rent in Pune are Viman Nagar, Magarpatta, Wakad, Pimple Saudagar and Kharadi, necessarily in that order. These areas were also a part of the top localities in the last quarter of 2013.

Wakad

The area took over Magarpatta and became the number one locality to rent an apartment in Pune. The area moved up two places almost since the third quarter of 2013 to grab the top position in the last quarter of 2013.  Its closeness to HITEC City and effortless connectivity to numerous localities in Pune and easy connectivity to Mumbai makes the demand for rental properties steady here.  The locality has good civic infrastructure such as sufficient water and power supply and effective drainage system.

Both 2BHK and 3BHK apartments are available in this area. For a spacious 2BHK flat for rent in Wakad Pune, you would have to dish out Rs 10k to Rs 15k in a month. These apartments have a carpet area of 1000 to 1200 square feet. You can also find single room for rent in Pune Wakad in paying guest accommodations or 1BHK apartments.  If you are lucky enough, you might come by a 3BHK apartment in the same price range here. Usually 3BHK apartments measuring 1200 square feet to 1800 square feet are available for INR 15,000 to INR 20,000 in a month.

Magarpatta

In the October to December 2013 period, Magarpatta was placed on the second position of most preferred localities. For those looking for easy access to lifestyle facilities, Magarpatta is the best area to live in. The township is popular because of its lifestyle amenities. Also, the area enjoys good connectivity to Kalyani Nagar and Kharadi EON IT Park.

Most of the units available here are the 2BHK ones although there are several 1BHK apartments available. You can easily get a single room for rent Pune in Magarpatta. For a monthly rent of INR 15,000 to INR 20,000, you can get a 2BHK apartment while for a 1BHK you would have to pay INR 10,000 to INR 15,000 in a month.

Viman Nagar

Viman Nagar is close to IT hubs and has several infrastructural upgrades which were completed recently. Closeness to areas such as Magarpatta and easy connectivity to different areas of Pune and good public transport system make Viman Nagar the third most popular locality for rent in Pune. For a 2BHK apartment, you would have to pay Rs 14,000 to Rs 19,000 while for a 3BHK flat the payment to be made is between Rs 20,000 and Rs 24,000.

Pimple Saudagar

 On fourth position is Pimple Saudagar which is preferred by people because of its closeness to the industrial belt of PimpriChinchwad. For a 2BHK apartment here, you would have to pay between Rs 11,000 and Rs 15,000 in a month. For a 3BHK apartment, the rental rate is hiked to the range of Rs 17,000 and Rs 27,000 in a month.

Because of increasing employment opportunities in PimpriChinchwad and other localities, the demand for rented apartments is increasing as well. People who have just moved to Pune find this locality to offer affordable housing for temporary living. The charges for maintenance are quite low in most societies located here, which is also advantageous for the location.

Those wanting good returns from capital investments should look towards Pimple Saudagar as an area for investment in real estate. Properties in this area have had an appreciation of almost 33 percent in the past 2 years. When translated into figures, an apartment that cost Rs 45 lakhs back in 2012 now costs roughly Rs 60 lakhs!

The growth in capital value may be attributed to the increasing demand for housing in this area because of its closeness to the IT Hub at Hinjewadi, located just 11kms from Pimple Saudagar. Companies that are located in Hinjewadi offer shuttle cab services till Pimple Saudagar. Because of the easy commute and connectivity to corporate areas attract house hunters to Pimple Saudagar. There is demand for both ownership and rental housing here.

There are a large number of properties in the area which are ready for possession and are less than 5 years old. A 1BHK apartment which measures 600 square feet can be bought for Rs 30 lakhs while a 2BHK flat with a carpet area of 1000 square feet costs Rs 50 lakhs and a 3BHK flat of 1200 square feet costs roughly Rs 65 lakhs. The charges for maintenance, parking etc. are separate.

Infrastructure

Pimple Saudagar has good physical, civic and social infrastructure developed. There is a large street market comprising of retail shops that offer items for regular use. Also, hospitals and banks are there in the vicinity. However, the area faces acute water crisis during summers and residents have to adjust their regular usage of water for meeting everyday needs.

Once in the day drinking water is supplied during summers. The larger residential communities have storage tanks which fulfil the regular requirement optimally enough. New builders entering the area have planned for an alternative underground storage tank for water. These tanks shall be able to supply 100 families with water and store water till 5 days.

Therefore, if you are thinking of investing in the realty market in Pune, Pimple Saudagar may turn out to be a good yield option for investment.

Kharadi

Making the last spot on the top 5 list was Kharadi. The demand for rental properties here is mostly from the IT employees working here. For 2BHK and 3BHK flats in Kharadi, you would have to pay roughly INR 10,000 to INR 20,000 in a month. Because of the stable demand for rental properties here, the values of rental property are rising steadily here in Kharadi. If you are looking for a single room for rent in Pune, Kharadi is a good option because of the social, civic and physical infrastructure it offers.

Realty Investment Prospects In Hyderabad And Secunderabad

As the speculations about the elections of 2014 have died down, prospective buyers eagerly await to see momentum in realty market of Hyderabad. Even though some people say that prices of property may remain steady in the next couple of months, a lot of others believe that buyer sentiments may push prices up.

For long, Hyderabad has been a favoured destination for investors and buyers alike. If you intend to buy property in Hyderabad, then you would be glad to know that more than 300 residential projects are coming up which include plots, multi-storey, villas and residential houses.

According to the MD of JLL of Hyderabad area, realty market in the city will continue to have its pre-eminence and relevance. In the next 6 to 9 months, the sentiments of businessman shall mostly remain stable. This period may be found favourable for investors as valuation of property is low and there is possibility of capitalization.

Location

Most of these projects are located in Kondakal, Gachibowli, Mutangi, Appa Junction, Chanda Nagar, Kukatpally, Shamshabad, Shad Nagar, HITEC City and Sainikpuri among others.

Kinds of Properties

Multi storeyed apartments, plots, villas and residential houses flood the market here. A favourite area for villas, plots and apartments is Gachibowli and construction magnets like Ramky Estates and Farms, Mantri Group and Aparna Constructions have projects located in this area. Shad Nagar, Adibatla, Kondakal, Shamshabad and Mokila are some of the areas for residential plots.

Prices

Prices for multi storeyed apartments begin from INR 11 lakhs for 2BHK units in Shad Nagar while it can go up to INR 2.65 crore for a 3BHK flat in Banjara Hills. Villas may be priced at INR 32 lakhs for 2BHK set ups which are located over 4500 square feet in Srisailam Ivy. In Gachhibowli, for a 5BHK villa which is laid out over 4050 square feet, you would have to pay INR 5.5 crores.

If you want a residential plot, you would have to pay Rs 1.35 lakhs for a plot measuring 1800 square feet along Warangal highway. The prices may go up to INR 1.50 crores for plots measuring 3870 square feet in Madhapur.

According to a recent study, realty sector in Hyderabad may gain after the creation of Telengana. According to the COO of Perfect Pincode, Ravi Varma, one out of fifteen enquiries has been converted into actual transactions. The price range of such conversions is between INR 25 lakhs and 75 lakhs.

New and Established Developers are entering this market and it is thought that most of the possessions shall take place in locations like Kondapur, Madhapur, Nalagandla, Miyapur, Appa Junction and Uppal. The regions have become the new cynosure for realty sector in Hyderabad.

Another popular area is the Yapral area in Northern Secunderabad. NizamNazirud Doula built the RashtrapatiNilayam in 1860 here which is also known as the Residency House. The construction became the country house of British Residents at that time in Secunderabad. Presently, it is a custom for the Indian President to stay here at least for one time in a year. Quite surprisingly, this grand structure which is only 9kms from Yapral is a USP spoken of by realtors when prospective buyers speak to them.

Located just 5kms from the area of Sainikpuri, Yapral is popular for those people employed in military services. Because of the cosmopolitan culture among the people in the military where people from different parts of India get together, non-locals prefer to stay in Yapral too.

The area is also very popular among retired military officers. Visitors may come across numerous majors and colonels who are non-natives but prefer staying in Yapral because of the good infrastructure and peaceful environment. For now, non-natives have taken a shining towards the area because of the North Indian population living here.

Kinds of Properties Available

Independent houses and villas are a common choice in this area of Secunderabad even though multi storeyed flats are slowly growing in number. Villas are chosen because of the kind of privacy they offer and they do not restrict one like flats might.

Local realtors state that there are a number of options available in Yapral. A gated residential community is not very uncommon in this area and they have all kinds of amenities at hand- club houses, supermarkets, gyms etc. The values of capital in Yapral range between INR 2,300 and INR 2,700 for square feet. Apartments which are in the 3BHK style cover an area of almost 1485 to 1586 per square feet can bill you between INR 34 lakhs to 40 lakhs.

Houses for residential which are in higher accommodations which range between 1900 and 2600 square feet which might cost you between INR 43 lakhs and INR 74 lakhs. The 5BHK apartments may cost almost INR 2 crore for a house that measure almost 5100 square feet. However, there are 3BHK and 4BHK villas which might cost you between Rs 55 lakhs and Rs 1.40 crores. You can also buy residential plots in this area.

Facilities

The Secunderabad Railway Station is only 11kms away from Yapral. By taking the Karimnagar-Hyderabad highway, the Begumpet airport shall be located only 13kms away. Unlike most areas, Yapral is peaceful and free from traffic jams as it is close to a military area. The APSRTC serves the area well as buses ply regularly here.

Most of the layouts are permitted by the HMDA and therefore electricity and water is looked after by the APSEB and HMWS respectively. There are some prestigious schools locate in the area too. Hospitals, colleges, environmental parks and restaurants are also located abundantly here.

Possibility of Appreciation

A villa that was worth Rs 48 to Rs 50 lakhs 2 years ago costs roughly between Rs 60 lakhs and Rs 70 lakhs. Investment in the area has gathered momentum after the elections have ended. As Hyderabad has been declared as the joint capital for the coming 10 years, buyers are making proper choices without past uncertainties.

Realty growth in Yapral is still in a developing stage. However, its proximity to military areas and Sainikpury, the liveability proportion is more. Yapral is already self sufficient in numerous ways although commercial developments are coming up.