Once a backyard of nature, Mysore Road has now transformed into a real estate hotspot, with multiple investment options available for all social classes. Home to some of the fastest growing localities of Bengaluru, like Kengeri, Basavanapura, Rajarajeshwari Nagar, Subramanyapura, and Banashankari, along with tourist destinations like Ramanagara, Mandya, and Channapatna, Mysore Road has embarked on an inclining realty growth path.
The road was inaugurated in the year 2003, and is developed and maintained by the Karnataka Road Development Corporation. It boasts of a total length of 149 km, and acts as an arterial road, connecting the important cities of Bengaluru and Mysore. Its northern tip starts from Majestic, the centre of Bengaluru, and its southern tip ends at Mysore.
The region is a storehouse of a number of industrial establishments, which includes some well-known automobile giants and IT majors. To complement the growing IT industry, many reputed developers like Provident Housing, Gopalan Enterprises, Prestige Group, Apple Group, Brigade Group, and Bluejay Enterprises Pvt. Ltd have set up large-scale residential complexes in the area.
Mysore Road has a thriving social environment, with a multitude of schools, colleges, hospitals, bus stands, and parks. The commercial infrastructure in the region is also upbeat with a number of restaurants, hotels, resorts, multiplexes, and malls spread throughout the area. The entire region is seeing widespread development and has become a self-sufficient micro market catering to the needs of students, single professionals, couples, families, and retirees.
Connectivity and Transit Points
Mysore Road is a well-maintained connecting stretch, providing quick passage between the two important and culturally rich cities of Bengaluru and Mysore. It winds through the southwestern region of Bengaluru and provides access to Mysore within 3 hours. The road doesn’t just facilitate inter-city connectivity, but also plays a pivotal role in taking commuters to different areas of Bengaluru, situated along Mysore Road.
The road converges into Nice Ring Road and aids connectivity to the industrially developed Electronic City and Singasandra, which further meets Hosur Road and provides connectivity to areas like Bommanahalli, BTM Layout, Silk Board, HSR Layout, Koramangala, and Madivala.
People living in localities around Mysore Road enjoy excellent connectivity via public transportation. Mysore Road Satellite Bus Station, situated near Gopalan Mall, is one of the six major bus stations of Bengaluru, and facilitates travel to areas like Vijayanagar, Jayanagar, Majestic, K.R. Market, Shantinagar, Kengeri, Bidadi Road, Peenya, and Magadi Road among others. BIAL buses can be boarded from this bus station to reach Bengaluru International Airport at affordable prices. The bus station also hosts out-station buses, facilitating inter-city travel. In addition, there a several other bus stations located in specific areas around Mysore Road, which provides A/C Volvo as well as non A/C BMTC bus services.
Mysore Road plays host to a number of small railway stations like Hejjala Railway Station, Kengeri Railway Station, and Nayandahalli Railway Station. Since Mysore Road originates in the heart of the city, and later converges to State Highway 17 (SH-17), Bangalore City Junction also lies along Mysore Road.
However, Bengaluru International Airport, otherwise known as Kempegowda International Airport, lies in the opposite direction, at a distance of 51 km. The airport can be accessed via NH-7 and Outer Ring Road, and be reached within one-and-a-half hour.
Factors for Growth in the Past
Several factors ranging from good connectivity to the abundance of land have collectively led to the growth and expansion of Mysore Road. The Bangalore-Mysore Road was developed as an initiative to connect two important cities of Karnataka with each other, but the outcome proved out to be more fruitful than that. The development of Nice Ring Road and Hosur Road also subsequently boosted connectivity from Mysore Road to other developing and developed regions of Bengaluru.
The advent of IT industry in areas like Kengeri added to Mysore Road’s success story, by making it extremely favourable for property investment. Land availability coupled with affordable property prices invited many industries and commercial establishments to set base here, which gave rise to a beaming residential market.
With potential localities springing up consecutively along the stretch, Mysore Road saw rapid development in terms of social infrastructure. A myriad of educational and health institutions along with state-run bus depots and bus stops mushroomed in the region, and added to its already growing real estate appeal.
Residential and Commercial Properties
Residential Market Trends
The residential market along Mysore Road cater to the needs of people from all walks of life. While many localities around here are developed, there are few that have only recently been identified as profitable investment avenues, making residential plots the dominant property type in this region. But due to the growing interest of the reputed developers in investing in areas around Mysore Road, many high-rise apartments are also found in the area.
2-3 BHK apartment units in the area sell at an average rate of Rs 3,820 per sq. ft., with the average price ranging between Rs 42 lakh to Rs 56 lakh. Residential plots, however, are cheap here, and sell at an average rate of Rs 1,410 per sq. ft., with the average price ranging between Rs 13 lakh to Rs 35 lakh.
Rental prices in the region range from medium to high, with 2 BHK apartments available at a rate of Rs 11 per sq. ft. and 3 BHK apartments available at a rate of Rs 15 per sq. ft. The average rent for 2-3 BHK units range between Rs 8,000 per month to Rs 30,000 per month, depending on a host of things.
Commercial Market Trends
The development along this corridor had been purely residential, until recently. The rapid growth of residential projects around here, led to the emergence of a robust commercial market, with various commercial plots and offices available for sale. The average price of mid-to-large sized commercial plots here range between Rs 3 - 12 crore.
Several offices and shops are available for rent as well. The average rental rate of offices here is Rs 34 per sq. ft., with the price ranging between Rs 37,000 per month to Rs 97,000 per month. Shops, on the other hand, fall on the expensive side, and rent out at an average of Rs 70 per sq. ft., translating to Rs 2 lakh per month.
In spite of being an arterial road, providing excellent inter- and intra-city connectivity, few junctions of Mysore Road face regular traffic snarls, disrupting smooth road connectivity. Moreover, the upcoming Metro work construction would just increase traffic congestion at these junctions, adding to the existing traffic issues.
Commuters travelling via this road have also complained about the innumerable speed-breakers on these roads, which just adds to the traffic time, making the otherwise two-and-a-half hour smooth drive into a three-and-a-half hour nightmare.
Factors for Growth in the Future
The proposal to upgrade the current four-lane highway to a six-lane highway has come as a relief to many residents living around Mysore Road. This initiative to eradicate traffic issues along the road by widening the road and building flyovers would definitely be received well, and would stir the interest of many developers and home-seekers.
The completion of upcoming Namma Metro Phase-II project would also add considerably to the real estate appeal of the area. Once the Metro line is operational, the area would enjoy faster and better connectivity with other surrounding areas, and would benefit largely in terms of real estate investment. The region would benefit further once the east-west corridor and north-south corridor of the Namma Metro is operational.
Mysore Road is seeing rapid growth in the residential sector with projects like Salarpuria Melody, Radiant Karel, Sobha Suncrest, Good Earth Palmgrove, and Blue Stone Shubodaya West already completed. The completion of ongoing and upcoming projects like Provident Sunworth, Gopalan Sanskriti, Apple Spire, Prestige Temple Bells, Brigade Panorama, Mahaveer Greens, MBR Shangrila, and Gopalan Olympia will further enhance the residential real estate market.