Mysore: Industrial property rates in Mysore are witnessing a hike. The main cause behind this is the establishment of several software firms in the city. The KIADB (Karnataka Industrial Area Development Board) is now paying a lot of attention to this city in order to acquire land for developing industrial plans. Earlier, the rate for commercial spaces per acre in Mysore was around Rs. 15 lac, but now, the rates are almost equivalent to those in Bangalore. KIADB is largely concentrating on the north western parts of the city. The prime locations in Mysore for commercial spaces are MG Road, 100 ft Road, KT Street, Irwin Road, Sajjan Rao Road and so on. Several reputed software companies like L&T, Infosys, etc. are set up in Mysore.
Measures taken by the Government to normalize the artificial inflation in real estates has brought down the number of transactions by 30%. However, the prices continue to remain stable. A number of local developers are promoting the city to invite domestic investments. Developers from Bangalore are also contributing to the growth of industrial market in Mysore. Mysore already has many positive aspects like regular water supply, wide roads and green spaces, which are also attracting several NRI developers for investment here. The property prices have witnessed a hike, but this city is still more affordable in comparison to Bangalore. The average property rate for commercial spaces on rent (per sq ft) is between Rs. 45 to Rs. 50. Commercial properties for sale cost around Rs. 4,000 to Rs. 5,000 per sq ft. whereas the rates for properties in the suburbs range between Rs. 25 to Rs. 30 per sq ft for rentals, and Rs. 2,000 to Rs. 3,000 for sale properties.
India is also getting benefits of globalization and industrialization And it is helpful for the rise in property demands in every state of india with wide spread Population..