Real estate sector in India
The real estate sector in India has recovered quite well post COVID-19 despite having lost hope during the peak of the pandemic.
The advantages of real estate investment have been understood better by all types of investors. ROI on real estate investment in India has almost always been positive. And locals as well as NRIs are learning the same. Making investing in the real estate sector in India the one if the strongest types of investments.
Before COVID-19
Before COVID-19, the real estate sector in India, which is the second-largest employer in India after agriculture. Had already suffered since the implementation of RERA in nearly every state of the country. Not just newer properties, RERA even forced builders to provide every piece of financial information relating to each project.
That they were undertaking – including those under development. As per the current rules of RERA. A property can neither be bought or sold, nor advertised or marketed unless it has been registered under RERA.
During COVID-19
COVID-19 forced a majority of workforce to the work-from-home mode. While the others lost their jobs due to recession in most parts of the globe. As stated by WHO, the pandemic even if eradicated, will have traces for many years to come. Given this prediction, the trend of work-from-home will perhaps stay for longer than expected.
Houses have become the new offices so a majority of the working class wants to invest in property. Especially in a Tier 2 city of India like Mysore. Mysore is a city with a lot to offer such as heritage buildings, pleasant weather
Properties in Mysore are at an all-time demand given how Mysore being a Tier 2 city in India. Mysore has a pleasant weather and offers multiple areas which have a huge residential factor. Although Mysore has urbanized enough to provide independent houses and flats. Mysore still has many vacant lands to offer to its investors as compared to metro cities. If you wish to buy land in Mysore. Now would be the right time while it still provides quite a few vacant land options.
We wish to help any and every one who wishes to invest in real estate sector in India. Especially in Tier 2 cities. The heritage city of Mysore is one of the best Tier 2 cities in India. In terms of employment opportunities, infrastructure, public transport, standard of living, etc.
Foolproof guide to invest in properties in Mysore in 5 points:
1. Official property
Ensure that the property is RERA-approve and MUDA-approved. If you want to buy land in Mysore or just invest in properties in Mysore. RERA requires all properties to be registered under RERA. And gives each registered property a registration number. Which the potential owner of the property can verify that property’s details on relevant state’s official RERA website. For example, properties in Mysore are monitored by RERA Karnataka.
MUDA-approved properties have all basic amenities. Such as water and electricity, good infrastructure including roads, a high residential value by being surrounded by parks, greenery, etc. RERA and MUDA registrations are high-quality properties. Checking for these registration numbers also helps one to find more details about the property. Such as the type of land.
Dishaank app by the Government of Karnataka can be accessed from anywhere in Karnataka state to know the type of land. The app must be accessed in real-time from the location of the land.
2. Reason of investment
Figure out your reason for investing to buy land in Mysore. If it is for work, see if you plan to reside in the city for a long time or just temporarily. If you are buying properties in Mysore only for resale in the future or in a few months.
To buy land in Mysore would be the most feasible option. Investment in the real estate sector in India is one of the very few sectors that offer the fastest-best ROI. In this case you have a wider set of options.
Just make sure that when you buy land in Mysore. Invest in a developed or developing area, and one that is not prone to natural calamities. With increase in population, most newer layouts have been developed.
Before ensuring whether they are fit to reside at or even invest in. Once you realize the reason for which you wish to buy land in Mysore. This selection should also tell you whether you should invest in land in a certain area or not.
3. Commercial real estate vs. residential real estate
As mentioned earlier, Mysore is one of the few Tier 2 cities in India that is experiencing fast urbanization. This means more companies, factories, businesses and much more. Mysore has many start-ups that are doing great, but are too new to afford a bigger office.
These kind of companies as well as those trying to recover from loss opt for shared work spaces. Which may or may not include shared resources such as internet. This is why it is a great time to invest in commercial real estate in India.
While it comes to residential quotient, Mysore is a peaceful place to live. Residential real estate is doing good in the city, thanks to the multiple areas fit for residence. They offer peaceful and green surroundings, have recreational centers, etc.
Whether it is for a nuclear family, joint family, a group of students or any other case. Mysore has promising residential real estate to buy land in Mysore.
Regardless of the investing being in commercial or residential real estate. If you are interested in buying properties in Mysore, especially check for wear-and-tear in case it is a building. Age as well as maintenance matter the most in the wear-and-tear of any building.
4. Financial help
For most people, real estate investment in India is a once-in-a-lifetime sort of investment. In fact, it is the same in most cases across the globe. Make sure that your savings of years can cover the cost and unforeseen expenses while you buy properties in Mysore.
If you need a home loan, ensure to apply for home loan in a recognized – preferable renowned. Provider at least a month in advance. Also ensure to keep the necessary documents and financial backing information to share a good rapport with the loan provider. It is a smart move to consult a good real estate consultant to help you get the loan approved. At best prices.
5. Pricing
Always check for the current market price by various modes of research – online, communication with the locals, etc. This will avoid any fraud or higher pricing than the property is fit for. The pricing of any property depends on the demand for properties in Mysore at the time (which is commonly high). The area where you would like to buy properties in Mysore, the type of property, etc.
Conclusion
Our recommendation is to invest in vacant land to have yourself multiple ways to use it. Unless you want to move into a house or require another commercial building for immediate use.
Again, it is important to check the wear-and-tear in case you are buying any type of building. Older properties may cost you lesser than brand-new properties, but they come with their share of added expenses like renovation. Whereas, in case of vacant land, its value rapidly increases over time.
There is our foolproof guide to invest in properties in Mysore! We wish you a successful real estate investment in India!
