You should consider moving to smart spaces 2 in Bilikere. I saw here http://www.commonfloor.com/smart-spaces-two-mysore/povp-pd0mfg that you won't need to worry about water supply problems there. They practice rain water harvesting and reuse waste and sewage water for irrigating their plants. They also have 24 hour electricty back up. I don't really think the drought at Billikere is solved completely and there still may be a few hitches for finding an adequate source of water supply. But there are schools, colleges and IT sector all located in Vijaynagar so there the neighbourhood is really nice.
It's very sad that the lake is all dried up now and is even polluted to a large extent. There used to be another lake called Billikere Kaval which was also a major source for water and not even a month after monsoon, the lake became completely dry. It is the villagers living by the lake who suffer more than anyone because the lake was also a source of employment for them for fishing and other such activities. The alternate solution was to use the fund from the project to implement employment for villages towards conserving the lakes.
The Bilikere situation seemed to be quite serious a few years ago but as of today, conditions have improved. An article posted last year has said that rainfalls have increased but not drastically. About 15 years ago the lake used to be at its best while receiving huge amounts of rainfall and it was 10 years ago that it slowly started drying up. The water content has not been the same and keeps varying so it's an unreliable source for drawing water although there was a time when every other lake would dry up and yet Bilikere always had water.