Q: I heard that the Mysore realty market has really picked up in the last few years? Who are the dominant investors? How did Mysore suddenly gain so much popularity?
Mysore has plenty of affordable housing options. So people from Bangalore like to take up a home in Mysore and visit on the weekends. Even though property is cost effective, I'm sure it will lead to healthy short and long term returns.
Many senior citizens in Bangalore also get tired of the hustle and bustle of city life and would rather move to a quieter destination. That's why many take up retirement homes in Mysore.
Yes, and because of this IT influx and larege scale employment, IT professionals and managers wanted a home in Mysore. That's the main reason why residential values went up.
Actually even after IT companies started setting up their base in Mysore, the property prices in the city were still unattractive. The reason why property demand in Mysore rose was because of the 'spillover' effect from Bangalore. Bangalore got very overpopulated.