Real Estate In Mysore: Expectation Vs Reality
Real Estate In Mysore
The real estate sector in India poses a lot of questions to buyers – from finances to documentation. Real estate in Mysore is turning more popular given that Mysore is a Tier 2 city offering a good quality of life at a reasonable cost of living.
Investing in the real estate sector may or may not live up to your expectations. We can consider a few points on the basis of expectations vs. reality for real estate in Mysore:
Expectation: My savings are fitting enough to invest in Mysore
Reality: Mysore is urbanising fast and the pricing of properties in Mysore is hiking every passing day, making real estate in Mysore grow. With real estate investment, you never know what unforeseen expenses might add up. So, it is better to have ‘extra’ savings or even better, opt for a loan from a reputed loan provider such as any major bank.
(A reputed real estate consultant in Mysore can greatly help you with all the financial planning and even ease the process of getting a loan sanctioned from a major bank)
Expectation: I know what type of property I want to own
Reality: If you have decided to buy a house, a building or to buy plots or sites in Mysore, you may not be aware of pros and cons of each type of property. This is because real estate in Mysore is changing quickly. What may be the best fit to invest in today may not be the same tomorrow.
(A good real estate consultant in Mysore will guide you about the currently trending properties which may be beyond your knowledge)
Expectation: I can decide on a property by looking at its picture
Reality: Marketing is almost never completely honest. Images of properties put up by promoters may be the best example of this when it comes to real estate – the same holds good even for the details of mentioned properties. Real estate in Mysore can be challenging although the result would be purely beneficial.
(A reliable real estate consultant in Mysore will let you know what you are looking at. They will even offer to take you there, so that you can be assured to get exactly what you see and pay for only that – nothing more)
The RERA law passed in 2016 requires all properties to be RERA-registered. The RERA law was passed without prior notice to developers, promoters or buyers. Other points:
- RERA mandated that financial transaction for each and every project – both under construction and those in planning phase must be produced.
- RERA asked developers to produce the documentation of each and every project that has been developed, is under construction or in the planning phase.
- Developer must meet deadlines of projects as promised, even in real estate in Mysore.
- As per the RERA law, promoters cannot promote or even disclose details about any project that has not been registered under RERA.
- Carpet area considered for pricing a property must be calculated as per RERA’s rules.
- The financial and project-completion implications on developers gave new hope to buyers who had been falsely promised about the project completion.
- Each and every state and union territory of India has a different RERA body. For example, real estate in Mysore comes under RERA Karnataka.
All these points may seem complicated, but nothing is impossible to learn. Sometimes, it is also a better idea to consult a professional in such cases. A real estate consultant will answer all your questions and make you understand complications in a simpler way.
When it comes to future investment, buy plots or sites in Mysore as they will never deteriorate in value unlike other types of properties that are prone to wear-and-tear.
A good real estate consultant will give you assurance and make the entire process hassle-free for you. You will also get answers to any questions you may have regarding real estate in Mysore – commercial real estate, residential real estate or vacant land (plots or sites).
GSS Projects is a renowned real estate consultant in Mysore and has grateful clients while the respect is mutual. Contact us if you need help with real estate purchases or anything to do with real estate!
