Escalating price of housing in Mysore

Q: Hi there, I wanted to know the issue related to the price of housing in mysore. Is there any news about this problem relating to the escalating price of housing? Can anyone give some info?

Ruchira Ramkrishna, Mysore

27th November 2014

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Replies (9)

I gotta know that the Floor Area Ratio for Mysore is pegged at between 1.25 to 1.50. This is lot lesser than that the FAR of Mangaluru which is 2.5 to 3. The stakeholders have approached the Mysore Urban Development Authority and the state government to increase this ratio. but I think there has not been a measure in this direction.

Saurabh Nair, Mysore

1st December 2014

Comment

hey, i think 50 percent of the cost of the apartments are for the land value. That is the reason why they are arguing for higher FAR. As the FAR goes up, the cost of the land computed in construction cost comes down at a greater ratio. This means that you can build more units there. The cost of a 1200 square feet apartment will come down from around 36 lakhs to 28 lakh rupees if the FAR is increased.

Swathi Dani, Mysore

1st December 2014

Comment

Definitely, by FAR or the Floor Area Ratio, it is meant that the permissible ratio of built area to the plot area. The permission for higher FAR will then result in the lowering of the unit cost. some say that the cost of apartment will come down by 20 per cent to 30 per cent if the FAR is higher in the city. This will gradually benefit the salaried class and help them satisfy their dreams about building a house.

Karan Sharma, Mysore

1st December 2014

Comment

yeah, the erratic supply of sand has caused a great slowdown in the construction sector and the cost always is sure to overrun due to delay in completion of the project on the projected time. but why are the people seeking an increase in the Floor Area Ratio. Will it make any difference?

Tarun Nayak, Mysore

30th November 2014

Comment

The sand is also a major issue here. there is only an erratic supply of sand that is required for construction of the houses. the shortage of sand has also hit the construction business so harshly that the price of the sand have gone up by at least 20 per cent to 25 per cent.

Ranjitha srikumar, Mysore

29th November 2014

Comment

not only this, dude, the works that are going on in the city limits, especially those of independant houses and row houses are not bought recently. These are purchased these site more than 10 or 12 years ago. Now, if you wanna buy a plot and construct a house, then you have to flow so much money for that.

Vijay Karthik, Mysore

29th November 2014

Comment

truely said, mysore was once considered as an ideal destination for people looking for investing in housing, especially by the end users and those who were looking for a second home option. But now the situation has changed for worse in the past few years.

H. P. Ramesh, Mysore

28th November 2014

Comment

yes, now the speculative investors are handling things here. They have bought huge swathes of land in a radius of 15 to 20 km of the city periphery. Now what the situation is that even the Mysore Urban Development Authority (MUDA) is also not finding it difficult to find land for development as well as for distribution to site aspirants.

Janaki Vora, Mysore

28th November 2014

Comment

hey, there has been a steep hike in the cost of construction of houses and apartments. This escalating price of housing has been a result of spiralling real estate prices as well as the cost of raw materials for construction.

manish shetty, Mysore

27th November 2014

Comment

ya ya.., this is the reason why the stakeholders in the construction sector have made a strong plea for increasing the floor area ratio or the FAR in the city. This is to offset the rising price of the housing. Now, buying a site and constructing a house within the MCC limits is no longer economically feasible and is beyond the reach of the salaried class.

Arun Rajan, Mysore

27th November 2014