BENGALURU: It has been nearly six months since the Bengaluru-Mysuru Expressway was thrown open to the public, facilitating connectivity between the two cities, and shrinking travel time within 90 minutes. Mysuru is now reaping the benefits, with Bengalureans investing in property there, according to the Confederation of Real Estate Developers Association of India (CREDAI).
The expressway, launched by Prime Minister Modi on March 12, permits a maximum speed limit of 100kmph, and has halved the earlier travel time of over three hours.
Speaking to TNIE on the sidelines of a discussion on real estate on Wednesday, CREDAI Bengaluru president Amar Mysore said, “Real estate in Mysuru is gaining traction due to the newly launched expressway. Within an hour and 15 or 20 minutes, one can reach Bengaluru. This is prompting Bengalureans to invest in a second home or holiday home in Mysuru. Compared to Bengaluru, real estate is affordable. It is particularly useful for those in South Bengaluru, like Nayandahalli or Kengeri.”
The concept of Work From Home which some companies allow twice or thrice a week too is fuelling interest, the president said. “One can work from their Mysuru home and reach the city in a little over an hour if they have to report to office,” he added.
Asked if people from other states working in Bengaluru were opting for it, Amar said, “Those from other states prefer Bengaluru for its shopping, food and other entertainment aspects. The interest in Mysuru is more from Bengalureans who want to enjoy the benefits the city offers. The demand is only set to surge in future.”
FKCCI past-president Perikal M Sundar said, “Land is cheaper in Mysuru, the environment is good and the cost of living is lower compared to Bengaluru. So there is a preference for Mysuru.”
ACUTE LABOUR SHORTAGE
Amar Mysore said a huge labour shortage across the State is crippling the construction industry. “At present, we are operating with only 60% of the labour force that we actually require for our projects, and it’s the key reason why most real estate projects in Bengaluru are overshooting deadlines,” he said.