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- @Malvish thanks for sharing. Looks like nothing much is happening in Mysore Real Estate. Let's see it sees some development.CommentQuote0Flag
- Mysuru development body all set to sell 1,683 sites in RT Nagar Layout The layout, having 1,683 sites of different dimensions, was developed a decade ago.Lawrence Milton | TNN | June 21, 2017, 13:30 IST
MYSURU: Mysuru Urban Development Authority (Muda) on Tuesday announced the provisional list of beneficiaries of sites developed at Rabindranath Tagore Nagar (RT Nagar) off Outer Ring Road in west Mysuru. The announcement is expected to skyrocket real estate prices in Mysuru.
The layout, having 1,683 sites of different dimensions, was developed a decade ago. But the urban development body was unable to distribute the sites as the land acquisition was questioned in a court of law by land losers. Seeking additional compensation, farmers had approached a local court, the high court and the Supreme Court. The apex court later referred the matter to the lower court.
The provisional list is based on the seniority of the applicants, that number of attempts by the applicants and their age. If the number of attempts between the applicants is same, then their age is considered, said Muda chairman D Dhruvakumar. "Perhaps this could be the final list, but we are following the procedure to give time to file objections, if any." he added.
Dhruvakumar termed June 20 as historic in the two-decade-long history of Mdua as it is distributing maximum number of plots in one go on that day. "The last time that Muda distributed sites were at Lalithadri Nagar in 2011," he added.
Muda has carefully gone through the applicant details to select the beneficiaries to avoid any embarrassment later. Sources claimed that some applicants and activists have obtained information of the site aspirants under RTI to verify whether the urban body has actually selected the beneficiaries based purely on merit.
Muda has been maintaining the seniority list since 1991. Of the total 88,000-plus applications pending before Muda, only 38,523 had sought sites in RT Nagar in 2011. From the remaining, a list of 1,683 beneficiaries has been finalized.
The process will take another 3-4 months as Muda has called for objections (if any) to the provisional list, and the same has been put up on its webpage mudamysore.gov.in and on the noticeboard at its office on JLB Road.
Objections with regard to the allotment of sites to any beneficiary can be raised along with relevant documents before June 30. Muda authorities will take a fortnight to look into the objections before finalizing the list during a meeting headed by the Muda chairman.
Meanwhile, Mdua has revised the final price of sites, and the buyers have to pay the remaining amount within 90 days. Information will be dispatched through registered posts after the final selection. From the date of the postal delivery, the beneficiaries have 90 days' time to pay, an official said.
Muda commissioner M Mahesh said about 50 sites have been reserved for achievers in various fields, including sports, science and literature. "We have received about 300 applications for H-category sites. A decision on this will soon be taken at a meeting," he added.
- Mysuru situation is laughable.
Post Demonitisation etc sellers expecting all their expenses to be paid by the buyer plus their profit .
For example : A site bought during peak time for 35 lakhs , according to seller now costs 75 lakhs.
Becuase he will factor the 35 lakhs (peak time) + yearly intrest + price appreciation +extra profit. So 75 lakh is the price he is quoting .
But is he able to sell ??? Very rarely and in exceptional cases ...
This kind of situation has made the market stagnate or very slow...and affecting other markets.
Now somebody has to book a loss, small or more . That situation is in the horizon. And not sure when that breakdown will happen.
Some realtors are desperatly trying to keep up the prices and inflating the prices. And in turn driving away the Buyers.
So buyers are postponing , so construction market is slow.
Most hurt are the individual sellers who are not able to sell their properties even at reasonable price . Agents , Brokers, Big players are hyping up and clouding the market.CommentQuote0Flag
- In just about a year's time there have been the following changes in the price trend in Mysore:
Total number of properties listed in Mysore are 166
The price of properties in Mysore starts from around ₹ 8.13 lacs
The average price of properties in Mysore is ₹ 62.05 lacs
The most expensive property listed in Mysore is priced at ₹ 4.00 crore
Number of localities in Mysore showing an upward trend is 1
Numbers of localities in Mysore showing a downward trend are 2CommentQuote0Flag