From pensioner's paradise to IT hub: Is Mysuru ready to catch up with Bengaluru’s real estate boom?
Mysuru's real estate market is emerging as an attractive alternative to Bengaluru for homebuyers and investors alike, say experts
Mysuru has long been known as a pensioner’s paradise, thanks to its peaceful environment, pleasant climate, and lower cost of living compared to Bengaluru. The city's wide roads, abundant greenery, and slower-paced lifestyle have made it a popular choice for second homes. However, with significant infrastructure development, industrial expansion, and IT growth, Mysuru is gradually shedding its old image and emerging as a dynamic urban hub.
Experts say that Mysuru's real estate market is now attracting young professionals, investors, and businesses, transforming it into more than a retirement destination.
"We've seen rentals surge by 40-50% in some areas, particularly those near the city centre. On average, real estate prices have appreciated by 10-15%, driven by major infrastructure developments in Mysuru," said Amar K Raje Urs, a realtor based out of Mysuru.
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Experts note that Mysuru’s land prices are steadily rising, driven by infrastructure improvements and industrial growth. As a result, investors and home buyers increasingly view Mysuru as a viable alternative to more saturated markets.
"Mysuru has become a satellite city to Bengaluru, with reduced travel time between the two cities. This has led to a growing influx of homebuyers from Bengaluru. Additionally, Mysuru is attracting professionals from other states, particularly in the IT and healthcare sectors, thanks to the rise of new hospitals. This has resulted in strong rental yields, especially for apartments in gated communities like ours," said Viswa Prathap Desu, COO of Residential, Brigade Group.
Mysuru’s residential hubs
Mysuru offers several well-developed residential areas to suit different preferences and budgets.
Kuvempu Nagar, Vijayanagar, and Jayalakshmipuram are well connected to the city's northern areas. A 2BHK apartment here starts at ₹60 lakh and can exceed ₹1 crore, while rentals range from ₹30,000 to ₹45,000 per month, say brokers.
Gokulam and Lakshmipuram are located close to cultural centres in the northwestern and central areas. A 2BHK apartment here costs between ₹60-80 lakh, with rentals ranging from ₹15,000 to ₹20,000 per month, they said.
Areas like Bogadi, Hebbal, and Nanjangud in the southern part of the city are attracting homebuyers seeking spacious properties at more affordable prices. The cost of an apartment in this area is between ₹3,450 to ₹5,400 per sq ft and the rentals for a 2BHK start from ₹20,000-30,000 monthly.
The northern part of Mysuru, particularly the Hebbal industrial area, is rapidly developing into a key IT hub.
"Major MNCs like Wipro, L&T, and Infosys already have a presence in the city, and with strong support from the state government, this region has attracted interest from several other companies. This growing demand has contributed to a significant rise in land prices," said Raje.
In the past two years, land prices in northern Mysuru have appreciated by 15-20%. Currently, residential plots in the area are priced at over ₹4,500 per sq. ft, while commercial plots range between ₹6,000 and ₹7,000 per sq ft, Raje added.
Where to invest in Mysuru?
Desu added that over the last three years, the company has witnessed a 25-30% price increase.
Vijayanagar's Stage 2 and Stage 3 layouts are among the emerging locations for plotted development. "A Mysuru Urban Development Authority plot measuring 1,200 sq ft here is selling for ₹4,000- ₹5,000 per sq ft Several other plots are available from private developers, but they are priced lower," Raje added.
Other areas such as Jayalakshmipuram, Agrahara, Saraswathipuram, and Vidyaranyapura offer varied residential choices for those wanting to reside close to the city centre, said Manjesh Rao, Chief Real Estate Officer at BrokerInBlue.
However, residential apartments in prime locations close to the city centre sell for ₹10,000- ₹12,000 per sq. ft. In some premium areas like D. Devaraj Urs Road, a major high street near Mysuru Palace, prices start from ₹18,000 per sq ft, Rao added.
Rentals increase in Mysuru
Real estate experts point out that rentals in Mysuru have surged by 40-50%, driven by infrastructure expansion and the IT boom.
"A 2BHK apartment near the city centre, which was previously available for ₹15,000 per month, now costs no less than ₹22,000- ₹30,000. 3BHK rentals have also climbed significantly, reaching ₹40,000- ₹50,000 per month," said Raje.
However, affordable rental options are still available in Agrahara, Lakshmipuram, and Vidyaranyapuram, where 2BHK apartments start at ₹15,000 per month. In northern localities such as Vijayanagar and Hebbal, rental rates are rising rapidly due to their proximity to the IT corridor and industrial zones.
More investment and infra expansion to boost real estate in Mysuru
In December 2024, the state government approved Karnataka’s first semiconductor project within the Electronics Manufacturing Cluster (EMC) at Kochanahalli, Mysuru. With an investment of ₹3,425 crore, this project is expected to generate 460 jobs and further boost the region’s industrial potential, giving Mysuru's real estate a major fillip.
Improved connectivity, industrial expansion, and planned urban projects are poised to make the city an attractive option for both investors and homebuyers.
For example, the Bengaluru-Mysuru Expressway has significantly reduced travel time between the two cities, increasing demand for housing in Mysuru, especially from Bengaluru-based investors. The proposed Mysuru-Kushalnagar Railway Line and expansion of the Mysuru Airport are set to boost accessibility further.
Experts add that the Hebbal Industrial Area and Nanjangud Industrial Zone will continue to attract investments, especially with proposed projects like Mysuru Film City.
