Mysore is one of South India’s most famous tourist destinations and is famous for its sweets, sandalwood, silk and its rich cultural heritage. It is a dream city for many with wide roads and plenty of greenery in and around the city, making the place an abode for retired settlers. Very recently, Mysore has been included in the list of smart cities of India which just propelled the city to major limelight. All these factors have directly or indirectly contributed to the development of the real estate market in Mysore, as a result of which, numerous ongoing residential projects in Mysore have taken birth lately.
This growth spurt has proven to be lucrative for many real estate investors who have diverted their attention from tier-1 cities towards Mysore. Especially, residential projects in Mysore are generating a lot of investment, from both foreign nationals and NRIs who have possibly seen a bright future in the city’s real estate sector. An additional factor to the increasing development of upcoming residential projects in Mysore is the inception of several established companies like Infosys, L&T, Wipro, and also a few start-ups that have created a plethora of employment opportunities for people across the state and nation.
This development rate may seem attractive and the investment options may seem hunky and dory for potential investors and customers looking to buy new residential projects in Mysore but given the fact that real estate investment is subjected to market risks, there are some factors that need to be considered before proceeding with the property purchase, mentioned below.
1. Planning and Execution
A well-developed plan of action is crucial in setting both short-term and long-term goals for your investment. Be it for personal or business purposes, planning it out is a must. The best part about planning is it helps you strategize your finances well so that you are covered in case you face a couple of setbacks in the process. Planning also helps keep all your tasks and goal organised, ridding you of your financial stress. It goes without saying, planning is a total waste unless executed accordingly.
2. Property Location
Most ongoing and new residential projects, in any city for that matter, usually are built on the outskirts. This reduces the cost for you as well as the developer but also reduces the value of the property considerably. It might seem as though the locality is up and coming but nothing can be taken for granted when it comes to real estate. If taking risks is not your thing, it is advisable to shell out some extra money and buy a property inside the city and the value almost never depreciates.
3. Document Verification
Regardless of the type of investment, it is imperative that you check the documentation of the property before committing to anything. Any ongoing residential projects in Mysore should be approved by MUDA and DTCP. If not, it is advisable not to proceed further as they most certainly cause trouble legally in the future. If you are unsure of how to check the veracity of the documents, get somebody in your connections to do it for you so that you stay safe.
Anything that is new in the market carries a hefty price tag and when it comes to real estate, it goes beyond fathomable proportions. Real estate developers are exceptionally smart at overpricing any property knowing that the customers will eventually sit for negotiation. If neglected, you might end up paying loads more than the actual value of the property so be sure to keep it in mind. Negotiating, in other words, mean saving money. Be wise and negotiate responsibly.
Conclusion: People are overcome by emotions and happiness at the thought of purchasing a new property but it is crucial to remain calm and make wise decisions and not letting your emotions get the better of you. For prompt, honest and reliable real estate services, contact GSS Projects who will help you find suitable ongoing residential projects in Mysore for you to invest.