The real estate sector in India is an inspiration to all industries that are struggling to get back to their feet post COVID-19.
India’s cities are classified into different tiers based on their population, infrastructure, companies, etc. Tier 1 cities are the major cities that have the best infrastructure, including world-class in some cases. Tier 2 cities qualify as the second-best spot of cities and offer the next-best facilities to Tier 1 cities. Tier 2 cities are seeing rapid growth in terms of the standard of living, infrastructure, employment opportunities, etc.
Mysore is one of the most famous cities of India and is a major Tier 2 city. Mysore is a city that is rich in heritage and culture, having a history of many powerful kings who have ruled it. Mysore real estate is growing at a fast pace, given the demand for buying land in Mysore.
It is easier to find residential plots in Mysore as compared to other metro cities which hardly have any vacant land to offer to the investors of real estate investment in India. Mysore real estate also offers multiple options for vacant land investors as many people across the country and even NRIs are willing for real estate investment in India. If you wish to buy plots or are just curious about the future of residential plots in Mysore or India, read on.
The 5-year future forecast of residential plots in Mysore looks positive in every way. Mysore is one of the few cities in not just India but the world where reliable property resale is a common occurrence. Given the rise in employment opportunities, good public transport, recreational spaces, world-renowned educational institutions, etc., buying land in Mysore – especially residential plots in Mysore – is preferred by Indians and NRIs alike.
If you are an NRI wishing to relocate to India, it would be pre-planned at least 5 years in advance. Now is the right time to buy residential plots in Mysore which would be a ready investment that leaves you with multiple options and a lot of time to think about what to do with the invested plot.
Given the climate in Mysore, agriculture and farming are both great ideas to do with your vacant land. In 5 years, the plot would have yielded you more profit than you would have imagined. You can repurpose the plot with a different crop, or use it for a different purpose after years.
When the RERA Act was passed in 2016, most developers felt it as hard as a nightmare. It has strict rules like banning the advertising of any project until it is registered under RERA, including the smallest strategies like giving out brochures. Builders were asked to produce the complete financial transactions of all of their ongoing projects and those still under planning. Major projects under development were stopped or paused abruptly as they were unable to gather and produce the required information in the given time. A few months later, the Indian government relaxed certain rules, and again in 2020, post-COVID-19.
Every state in India has its own RERA body. For example, rules for real estate projects in Karnataka come under RERA Karnataka. Certain union territories or smaller cities of a nearby state can come under the same RERA as another major city of a nearby state.
The RERA Act law requires all commercial and residential real estate projects to be registered under their respective RERA. Considering 5 years down the lane, residential plots in Mysore will be in more demand than ever. Builders will have a good hold on the transparency of finances regarding projects while promoters will not have to waste any time given that RERA registrations would be more automated by then. The entire process for developers – from planning to project completion and for investors – from investors registering to buy residential plots in Mysore, would be quicker than ever. This will boost the confidence of builders, promoters as well as investors in making the move.
There could be property owners planning to resell their property that would have been RERA-registered, making the documentation hassle-free. Currently, the buyer can even check is any property is actually RERA-registered by verifying it online through the official website of RERA.
Mysore is soon growing into an IT hub and it does not come as a surprise that it is situated just three hours away (via road) from Bangalore, the IT hub of India. Given the employment opportunities, most people are wanting to settle down in Mysore sometime in the near future and wish to buy residential plots in Mysore.
Mysore has many residential areas offering different amenities. Depending on your needs, you can choose where you wish to invest in. For example, if you are an employee, you can choose an area that is close to your workplace; if you are retired, you can choose a more peaceful area; if you are living with a family, you can choose a place that has recreational spots like parks around, etc.
Plots and sites, unlike ready houses or other buildings, can be custom-made to your liking. This is another reason why residential plots in Mysore are a great hit amongst investors. You can even build commercial buildings, depending on the area and your ideas. Buying land in Mysore can be an investment that promises you a great ROI.
Buying a ready property comes with its own set of problems such as wear and tear. You cannot be sure of the quality of the building either. You may be promised something but get something else. This problem never arises when you buy residential plots in Mysore.
The real estate sector in India is modernizing every passing day and people no longer have to wait for years to get their property registered. The process of planning, analyzing, and buying residential plots in Mysore has shortened to a great extent, making buyers more motivated in getting their dream realized. Investing in residential plots in Mysore can be a great future investment, especially if you want to resell the plot when the price has increased; there may be one or more reasons to do so, including industrialization or having to move to a different city, state or country. You can then use the profit to make other investments. If you do not want to sell it anytime and have purchased it for a lifetime, you have plenty of options on what to do with the plot – you can build a house, you can use it as solar energy conserve, you can rent it out to campers, etc. Most importantly, you have the power to build your dream house anytime you want.
Given that India is a developing country, real estate investment in India is a smart future investment as the price of vacant land is increasing every passing day. You do not have to wait for years before you resell any purchased residential plots in Mysore; even waiting just a year will increase the value of the plots.
So, what are you waiting for? The future in the next 5 years seems highly promising for residential plots in Mysore. 2021 is the right time if you wish to invest in Mysore real estate.