Mysore is soon stealing the gleam away from Bangalore. Mysore, Karnataka's second largest city, is fast emerging as the IT destination after Bangalore. This rapid transformation in the city's profile is mainly because of the surge in Mysore's real estate segment.
Bangalore is currently facing space crunch. Property values in Bangalore are all time high. All these factors are driving away the IT and ITES companies from Bangalore. Meanwhile, Mysore's infrastructure and real-estate profile has undergone a major transformation. Property development across Bangalore's Outer Ring road (ORR) and the construction of Mysore-Bangalore highway has made Mysore more accessible. These transport corridors have made the inter-city connectivity more efficient. Hence, it has become easier for individual users and corporate offices to look for residential and commercial property options in Mysore, where property prices are comparatively less.
Other features contributing to Mysore's real estate development is up-gradation of airport, doubling of the Bangalore-Mysore railway track and upcoming expressway which will connect Mysore to other cities. Mysore's infrastructure is being beefed up especially to cater to the IT and related companies. IT companies are looking at localities like Hebbel industrial area, Metagalli and Vijaynagar to start operations. Many MNCs and other commercial industries are planning to shift their campus or establish their back office operations in the city.
All these developments have impacted the property values in Mysore. The residential and commercial values have doubled in the past one year and are expected to grow further in near future. For example, property value for a plot measuring 2400 sq yard in Vijaynagar area was Rs 1.5 lakh in 2006. The same plot is being valued at Rs 5 lakh now.
Mysore is emerging as Bangalore's twin city. New industrial hubs have developed in the city and real estate transactions are on the rise.
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