Realty show in Mysore to catch the property wind

Realty boom in Mysore will get a further fillip when potential property buyers will be exposed to a host of projects in and around the city at a three-day mega property show this weekend.

Over 30 property developers will showcase their projects at 'MyRealty 06' commencing Friday in Mysore.

The exhibition will be a one-stop solution for visitors looking for property, housing finance and insurance, with financial institutions and realtors participating in the first such event being held in Mysore. Mysore is fast developing into an alternative to Bangalore.

Organised by the Builders' Association of India (BAI), Mysore centre, its chief K Sriram and MyRealty '06 chairman M B Nagakumar said a large number of potential buyers from Mysore, Bangalore, Kodagu and other areas were expected at the event.

The event is being promoted in a big way in Bangalore and Mysore. "The event is intended to promote Mysore as one of the most favoured destinations in India not just for IT but also others. The realty sector in Mysore is still small. We visualise around Rs 500-600 crore of investments and at least around 100 new properties with about 14.5-15 million square feet area in the coming months."

Sriram predicted that the Infosys centre here would be a major catalyst as it plans to add another 8,000 to the existing strength of 2,000 employees.

"We are seeing a property boom now and it is going to stay. There could be a minor correction of around 10 per cent, but not a bust as in Bangalore sometime ago. The realty boom has just started in Mysore," the BAI president said.

"In certain areas, property rates have gone up 300 per cent. The steep rise since a year is not a healthy sign though. But speculation is a necessary evil in the realty market," Sriram said.

Urging the government to take up Mysore's infrastructure projects like airport, rail line doubling work between Bangalore and Mysore, and the Kabini water supply project, the BAI president said, "We are not satisfied with the government's attitude towards the Nandi Infrastructure Corridor Enterprise, which has been facing a 13-year endurance in respect of the Bangalore-Mysore corridor project."