East Mysore Road sees hiked property price as ORR nears completion

With the eastern stretch of the Mysore Outer Ring Road (ORR) measuring about 9.33 km nearing completion, property prices in the locality have begun to increase. This has enabled the extension of the city limits on the eastern side with home buyers expressing their interest in investing in residential property in this part of the city. This has prompted many developers to embark on prestigious residential projects in the locality with the assurance that connectivity will not be an issue.

Specifics of the ORR project

The missing link of the six-lane ORR is being developed by the Mysore Urban Development Authority (MUDA) on the eastern part of the city. Incidentally, 32.5 km of the expressway was developed about a decade back as part of the ORR project. The cause of the delay in the development of the eastern loop was due to issues related to land acquisition. However, following the resolution of the land acquisition issues, work on the eastern loop of the ORR was started with funding from JNNURM at an estimated amount of about Rs 239.51 crore.

Appreciation in prices

In view of the impending completion of the eastern loop of the ORR, prices in the locality have appreciated by up to 20 per cent in many areas in the last year. This is mainly in lieu of the enhanced accessibility to these areas via the ORR. It is expected that once the remaining stretch of 800 m on the eastern loop is completed, property prices would appreciate by a further 10 per cent. There is tremendous demand for layouts that have been developed in the vicinity of the ORR, along the eastern periphery, considering that they come within the limits of MUDA (Mysore Urban Development Authority).

Expected spurt in residential projects

Many developers had purchased bulk land with the intention of developing them into layouts. With the completion of the eastern loop of the ORR, this wish of theirs is expected to soon become a reality. The urban development authority is of the opinion that residential projects would soon be initiated on the eastern parts of the city, particularly in areas in the vicinity of the ORR. This is expected to lead to a spurt in the development of residential projects along the eastern corridors of the ORR. However, development of infrastructure facilities in the vicinity is also key to the increase in demand for residential property in the locality.