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Hindustan Times
2 days ago
- Business
- Hindustan Times
Bengaluru real estate: Techies in IT capital are gradually migrating to Mysuru. Here's why
As property prices and rents continue to soar across Bengaluru's prime neighbourhoods, a growing number of tech professionals are looking beyond the IT capital, and many are zeroing in on Mysuru. Tired of relentless traffic congestion and worsening air quality, remote-working and hybrid techies are increasingly choosing the quieter, greener, and more affordable city of Mysuru to settle down. With rising costs and congestion in Bengaluru, many hybrid and remote techies are opting for Mysuru's greener, quieter, and more affordable lifestyle. (Representational Image)(Unsplash) Once a pensioner's haven, Mysuru is fast emerging as a second-home hotspot for professionals, drawn by its calm lifestyle, cleaner air, and improving infrastructure, without compromising on connectivity or amenities. Srinidhi, a millennial techie based in Peenya, Bengaluru, recently decided to sell his city property and shift base to Mysuru. He is currently scouting for an apartment or an independent house in Saraswatipuram or Jayalakshmipuram, two prime areas where ticket sizes begin at ₹1–1.5 crore. 'The Bengaluru congestion, pollution and hectic lifestyle pushed me to look elsewhere,' Srinidhi told 'Mysuru offers a better quality of life and infrastructure. I have hybrid work, so I only need to go to the office once or twice a month. The expressway makes this very manageable. And Mysuru now has malls and shopping complexes—almost everything Bengaluru does.' Another techie from Chennai who owned a house near Indiranagar in Bengaluru shared a similar experience. After buying the home for ₹40–50 lakh in the 1990s, he sold it recently for ₹4.5 crore and is now planning to invest in a second home in Mysuru. Also Read: Here's what you should know about Mysuru Film City and its real estate potential Residential areas in Mysuru Core areas in the city like Saraswatipuram, Jayalakshmipuram, and Hebbal continue to see high demand. According to Manjesh Rao, chief broker at "Enquiries from Bengaluru-based professionals have picked up sharply in the past six months. Bengaluru isn't cheap anymore, while Mysuru offers excellent infrastructure today. You get good homes at affordable prices, and most of the MUDA-approved plots in Mysuru Hebbal go for ₹4,500–7,000 per sq ft.' In Mysuru, neighbourhoods like Kuvempu Nagar, Vijayanagar, and Jayalakshmipuram are among the most well-connected to the northern belt of the city, making them popular choices for professionals. Property brokers estimate that 2BHK flats in these areas are priced from ₹60 lakh upwards, reaching over ₹1 crore, with monthly rents falling between ₹30,000 and ₹45,000. Meanwhile, Gokulam and Lakshmipuram, located near the city's historic and cultural districts in the northwest and central zones, offer 2BHK apartments typically priced between ₹60 lakh and ₹80 lakh. Rentals here are more affordable, ranging from ₹15,000 to ₹20,000 per month. On the southern edge of Mysuru, homebuyers are increasingly drawn to Bogadi, Hebbal, and Nanjangud, which provide larger living spaces at relatively lower costs. In these locations, apartments are priced between ₹3,450 and ₹5,400 per sq ft, and monthly rent for a 2BHK starts from ₹20,000 to ₹30,000, brokers noted. Significantly, northern Mysuru, especially around Hebbal's industrial corridor, is fast emerging as a growing IT destination, driving residential demand and infrastructure development in the region, experts said. Where to invest in Mysuru? For buyers looking to invest in land, experts point to Ring Road and peripheral locations in Mysuru as promising spots. Kiran Kumar, Vice President at Hanu Reddy Realty, says, 'People are increasingly favouring Mysuru. With Bengaluru real estate giving strong returns, investors now see value in Mysuru's slow but steady growth. You can get MUDA-approved plots starting at ₹50–70 lakh. Annual appreciation in some areas is in the range of 15–20%.' Vijayanagar's Stage 2 and Stage 3 layouts are gaining attention as up-and-coming zones for plotted housing, especially among end-users and investors seeking long-term value. According to property consultant Rao, neighbourhoods like Jayalakshmipuram, Agrahara, Saraswathipuram, and Vidyaranyapura continue to attract interest for their proximity to central Mysuru and established civic infrastructure. Developers continue to expand in Mysuru In April, Bengaluru-based Brigade Group signed a Joint Development Agreement (JDA) to develop over 10 acres of land in Mysuru, with a gross development value (GDV) of around ₹225 crore. 'Mysuru holds immense potential as a growth hub, thanks to its unique blend of cultural richness and rapidly advancing infrastructure,' said Pavitra Shankar, Managing Director of Brigade Enterprises Ltd. 'The city has witnessed a clear uptick in real estate activity in recent years, especially after the Bengaluru-Mysuru expressway came up.' Other developers, like Century Real Estate, are also eyeing Mysuru. A plotted development launch is expected later this year. Also Read: From pensioner's paradise to IT hub: Is Mysuru ready to catch up with Bengaluru's real estate boom? Infra impact: Expressway and more Much of this real estate momentum is being fueled by infrastructure upgrades. The Bengaluru–Mysuru expressway, in particular, has transformed commuting between the two cities, enabling hybrid and remote workers to consider Mysuru as a viable home base. Adding to this momentum, the government recently proposed a Rapid Rail Transit System (RRTS) between Bengaluru and Mysuru, which could further revolutionise connectivity. The proposed high-speed rail link aims to cut travel time from nearly three hours to just under 70 minutes.
Hindustan Times
26-07-2025
- Business
- Hindustan Times
Are villa prices in Bengaluru's outskirts surging to rival per sq ft rates in US suburbs as demand soars?
Bengaluru villa prices soar, rivalling US suburbs, as demand from NRIs, HNIs grows; limited supply and lifestyle shift fuel surge in tech corridor outskirts Bengaluru villa prices soar, rivalling US suburbs, as demand from NRIs, HNIs grows; limited supply and lifestyle shift fuel surge in tech corridor outskirts. (Picture for representational purposes only)(Pexels) Villa prices in Bengaluru's outskirts now rival those in some US cities despite India's lower income levels, infrastructure gaps, and different tax structure, say netizens. 'What's prompting people to buy at these insane prices?' a Reddit user asked. "Just curious to understand. The per sq ft rate is more than in some parts of the US, and the income levels are not the same, and the infrastructure and facilities are not the same. Not to mention, India is quite a high-taxing nation," he wrote. 'I saw a couple of model homes, and the construction quality isn't that great either,' the buyer said. Real estate experts say prices have risen by 10–15% over the past year, driven by a surge in demand and limited inventory. Areas like the Whitefield periphery and North Bengaluru's Hebbal are witnessing heightened interest from NRIs and end-users. Over the past year, Bengaluru's villa market, especially in its rapidly urbanising outskirts, has seen a sharp uptick in both demand and pricing. According to property analysts, villa prices in micro-markets such as Whitefield extension, Chikkagubbi, Yelahanka, and Hennur Road have surged by 10% to 15% year-on-year, outpacing the price appreciation in many mid-income city apartments. Also Read: Bengaluru's techies say they don't want to buy property near tech hubs as 'nothing will improve in 100 years' What's driving villa prices in Bengaluru? Experts say the pandemic widened the appeal of villas, attracting buyers across both luxury and affordable segments. Traditionally seen as lifestyle products, villas offer the advantage of owning not just the home but also the land it stands on. "Driving this growth is a mix of factors, including a strong appetite from returning NRIs seeking spacious, gated living; a shift in buyer preferences post-pandemic towards low-density, high-privacy homes; and a tightening supply of villa developments by marquee builders," Manjesh Rao of BlueBroker said. 'Unlike the apartment segment, the villa market has a very limited pipeline,' Rao said. 'Most new launches are fully booked even before construction begins, which is pushing up the per square foot rate to levels we haven't seen before.' 'There is definitely a strong demand for villas today,' said Shantanu Mazumder of Knight Frank. 'If you look back 15–20 years, Bengaluru was largely a city of horizontal development. But over the last two decades, the city has witnessed significant vertical growth with the rise of apartment complexes. That has led to issues like traffic congestion, overcrowding, and a lack of open spaces.' He said that the pandemic played a crucial role in changing how people think about their living spaces. 'Post-COVID, people have reassessed what they truly need in a home. There's now a clear shift towards larger spaces that not only offer room inside the house but also a sense of ownership over outdoor areas. That's where villas have started to stand out. They offer lawns, private spaces, and luxury features like private pools, things that apartments often can't provide.' Mazumder pointed out that most Grade A+ developers had moved away from villa development about a decade ago, focusing instead on high-rise projects. 'It wasn't until after COVID that they returned to villa construction, responding to renewed demand. And now, they're not just offering villas but also enriching the experience with large clubhouses, shared public spaces, and lifestyle-driven amenities.' Also Read: Mumbai real estate: Where can you buy a second home close to the financial capital with a ₹50 lakh budget? Why are villas in the tech corridor outskirts back in demand, and who are the buyers? Mazumdar explained that lifestyle preferences largely drive the shift towards villa developments in the outskirts of Bengaluru. 'As the city got more congested and central land prices became unaffordable, many homebuyers started looking toward the outskirts. They don't mind commuting if it means living in a spacious, well-designed community with a better quality of life.' He also highlighted a crucial technical factor contributing to the growth of villa projects in these areas, Floor Space Index (FSI). 'Apartments in the city typically have an FSI starting from 1.75 and can go up to 3.75, allowing for vertical development. However, many of the outskirts don't have high FSI potential or approvals, making apartment projects less viable. That's why we're seeing a surge in villa developments in those locations; it's a form of housing that suits these regions' zoning and land use regulations.' Experts also note that while infrastructure development in the outskirts is still a work in progress, it has little impact on investor interest. According to Shantanu Mazumder, the typical villa buyers are not young first-time homebuyers but more financially established individuals. 'Most buyers are in their late 40s and already have the financial means to invest in a villa. At that stage in life, they don't necessarily need to be close to the city centre to access schools or colleges. Their priorities shift toward a better lifestyle and more personal space,' Mazumder explained. Are Bengaluru villas matching per sq ft rates in suburban US markets? What's striking is that these prices are beginning to rival per sq ft rates in several suburban pockets of developed countries, particularly in the US. Rao said that a 3 or 4 BHK villa in North Bengaluru can easily cost upwards of ₹6-9 crore, rates that would fetch a well-located home in parts of Texas or Florida. 'In the outskirts of Whitefield, villas are now priced at ₹4–5 crore, and very few developers are actively offering such projects,' he said. In the northern region, particularly around Devanahalli, the starting price for a row house is around ₹5 crore, while villas begin at ₹8–9 crore. 'The prices we are seeing now are comparable to those in some parts of the US,' he said. Rao pointed out that a growing number of high-net-worth individuals (HNIs) based in Bengaluru are investing in these villa communities, drawn by the combination of space, privacy, and long-term value. He explained that although India has traditionally been considered a more affordable market than the US, the price gap is narrowing, especially in the luxury segment. 'In North Bengaluru, luxury villas are now being sold at nothing less than ₹18,000 to ₹25,000 per square foot,' he noted. According to Rao, this premium pricing is driven by limited land supply, strong demand from end-users and NRIs, and the aspirational value attached to luxury villa living. Mazumder noted that the prices of luxury villas in Bengaluru are, in some cases, nearly comparable to those in the outskirts of smaller towns in the U.S. 'In the US, most residential development is horizontal by nature. In contrast, in India, horizontal development is limited and caters to a niche segment rather than the masses. This exclusivity also drives up the value of such properties more quickly,' said Rao. Rao said that while entry-level villa prices in the U.S. are still higher, Indian villas remain relatively more affordable. However, the cost of borrowing is significantly steeper in India. 'Home loan interest rates in the U.S. are typically around 4 to 4.5%, whereas in India, rates are often above 9%. So, even if the property is cheaper here, the higher cost of financing makes a big difference,' he explained. Also Read: Why are Bengaluru landlords demanding ₹23 lakh security deposits? Eastern IT corridor of Whitefield and North Bengaluru are top choices Real estate experts say villa buyers are actively scouting locations like north Bengaluru's Devanahalli, where villa prices start from ₹3 crore and can go up to ₹6 crore or more, depending on the project. Kiran Kumar, vice president of Hanu Reddy Realty, cited the example of a client purchasing a villa in Prestige Golfshire for ₹18 crore, highlighting the growing appeal of ultra-luxury developments. "Devanahalli is seeing a lot of traction, especially from high-end buyers. Sobha Lifestyle is also getting strong interest," he said. With no new supply in the city centre and the available projects being ultra-premium, homebuyers are now shifting focus to the outskirts. In the East, Sarjapur Road continues to be a popular villa market. "Villas that were priced at ₹2 crore are already sold out. Newer projects are now starting at ₹3–4 crore," Kumar said. Despite infrastructure still developing in these areas, buyers are drawn to the privacy and lifestyle villas offer, including private gardens, lawns, pools, and expansive clubhouses.
