Real Estate Properties in Mysore

Situated at the base of Chamundi Hills, Mysore is the third-largest city in the state of Karnataka. It was known as the Princely State of the British Empire for 148 years before which it was the much larger Kingdom of Mysore. It is only 130 kilometers from Bengaluru, the capital of Karnataka, and is home to the Mysore Palace.

Mysore is a thriving business hub with Infosys already headquartered here and property developers like Sobha Developers, Brigade Group etc. launching sizeable properties. More companies have opted to move here because of the availability of affordable skilled labor.

In terms of infrastructure, Mysore depicts an old-world charm but projects slated for the future, like the Bangalore-Mysore Infrastructure Corridor, will drastically improve connectivity and encourage developmental projects within the city. The real estate sector is gaining momentum because of its versatility in adapting to an urban city while retaining its small-town quality.

Stats and Facts

• The population of Mysore is 8,87,446 according to the provisional reports of the 2011 Census. The urban population, however, is 9,83,893.
• As per the Census 2011 reports, Mysore has a perfect sex ratio of 1000 per 1000 males. Although, the child sex ratio is 945 per 1000 boys.
• The average literacy rate in the city is 86.84% of which female literacy is 83.73% and male 89.96%. The total number of literates is 7,02,896.
• The city of Mysore is also known as Mahishuru, meaning the home of Mahishasura who was a demon king believed to have ruled over the city in days of yore. A goddess called Chamundeshwari who has a temple named after her, atop the hill, defeated him.
• Mysore is abundant with lakes and lies between the Cauvery and Kabini rivers. It also has rich national parks and a zoo.
• The city has a moderate, semi-arid climate, making it very pleasant to live there. This can be attributed to the fact that it has the third-richest forest cover in Karnataka.
• In Business Today’s 2011 Gallup survey, Mysore was ranked the fifth best city to conduct business in and also the second cleanest city.

Information Technology and Industrial Sector

• Traditionally, Mysore has been involved in cottage industries like weaving, sandalwood carving, bronze work and the production of silk, lime and salt.
• It is the second-largest software exporter in Karnataka, close on the heels of Bangalore. In the financial year 2009–2010, the city contributed Rs 1363 crore to Karnataka’s exports.
• It has two industrial estates and six industrial areas. The prominent areas are Belagola, Belwadi, Hebbal (Electronic city) and Hootagalli. These are populated by Wipro, Theorem, BEML, J.K. Tyres, L & T and many more.
• Infosys has built one of the world’s largest corporate training centers for IT professionals while Wipro has established its Global Service Management Centre here.
• Besides new economy companies, other major players like Reid & Taylor, TVS and Nestle have also set up manufacturing units here.
• The government of India has recognized Mysore as number one among the 20 Tier II cities of India.
• The tourism has emerged as the current major industry of the city because of the rich cultural heritage and well-conserved national parks it offers. Yoga-related health tourism has also been on the rise in recent years.

Connectivity

• The Mandakalli Airport, also known as Mysore Airport, connects to major Indian cities like Delhi, Mumbai, Bengaluru, Goa, Chennai, Ahmedabad and Hyderabad. The airport is located just 10 km from the city.
• Mysore Junction railway station is well connected to many key cities in India like Kolkata, Delhi, Chennai, Jaipur, Bengaluru and many others by South Western Railways. The Shatabdi Express is one of the fastest trains to serve this station which offers free Wi-Fi facilities.
• Mysore is connected by road to Tamil Nadu and Kerala via NH 766, and to Bangalore by State Highway 17.
• The Mysore City Transport Corporation, Karnataka State Road Transport Corporation and other private agencies provide ample bus services both between cities and within the city.
• Auto-rickshaws are another cheap means of transport within the city. Tongas are also seen around Dasara festival.

Mysore Civic Administration

• Mysore City Corporation (MCC), headed by a mayor, manages civic administration for the 65 wards of Mysore. Each ward is overseen by a corporator.
• The citizens of Mysore elect corporators once every five years. The council members, in turn, elect the mayor.
• MCC is one of the best performing municipal bodies in India and was awarded the Nagar Ratna award in 2011 amongst 65 cities that come under the Jawaharlal Nehru National Urban Renewal Mission. The Urban Development Ministry also rated it the cleanest in the state.
• The Mysore Urban Development Authority (MUDA), headed by the chairman and commissioner, takes care of urban growth and planning.
• The citizens of Mysore elect one member to the Lok Sabha, since they belong to the Mysore Lok Sabha constituency and four representatives to the Legislative Assembly of Karnataka.
• The Mysore City Police maintain law and order and there are 26 police stations in the city.

Mysore Infrastructure

Mysore was one of the first cities to undertake planned development in Asia. MUDA has partnered with the private sector to improve urban and transport infrastructure since the rise of IT and industrial companies, educational institutions and tourism in the city. This has also contributed to a proportional growth in healthcare services.

Mysore’s real estate wealth is strong and on its way up as the city is following Bangalore’s growth pattern. The added advantage for Mysore is its quaint small-town lure, rich flora and fauna and royal history.

Infrastructure Projects

Mysore Real Estate Market

• The Mysore real estate market is gaining importance due to the development of the IT belt, planned infrastructural projects, pleasant climate and tourism picking up in recent years.
• Commercial rates for smaller office spaces are also expected to go up since other services, unrelated to information technology, are also being outsourced to the city.

Key Localities In Mysore

Charges by Different Government Bodies

Property Registration

Stamp Duty: 6.65% on the market value of the property

Registration Fee: 1% of the property

Property Tax

The property tax in Mysore is levied by the MCC. It foresees enabling online payment of property tax.

Chamundeshwari Electricity Supply Corporation

The Chamundeshwari Electricity Supply Corporation Limited is responsible for the generation, distribution, and transmission of electricity to Mysore, as well as four other districts in Karnataka.

Mysore City Corporation – Water Supply

MCC is responsible for the distribution of water supply. The Cauvery and Kabini rivers are the two main sources of drinking water to the city. A tripartite agreement was made in 2008 between MCC, Karnataka Urban Water Supply and Drainage Board and Jamshedpur Utilities and Services Company, a Tata enterprise. The proposed plan is said to be India's largest water supply and operation management project that aims to provide water 24x7 for the city.

Water Tariff

The monthly minimum charge is Rs. 125 for domestic consumers for usage below 25,000 liters, Rs. 140 for non-domestic and Rs. 280 for commercial users.

Mysore One

Mysore One is an initiative by the government of Karnataka to provide computerized e-governance facilities for the city of Mysore. It offers computerized water bill payment, trade and building license issuance, birth and death certificate issuance, property tax collection and various other services. SMS-integrated public grievances and redressal call centers have also been set up for citizens.