Property prices in east Mysuru shoots up, thanks to Outer Ring Road
As the eastern stretch of 9.33 km of the ORR is nearing completing, it has pushed up property prices in the surrounding
Mar 16, 2015
Source : The Times of India

 

MYSURU: Five years back when assistant professor C R Sunil's family opted to buy a site in Sardar Vallabhai Patel Nagar, they had no immediate plan to construct a house. Some two years back they started the work and built the house when the state government launched groundwork to build the Outer Ring Road (ORR).

As the eastern stretch of 9.33 km of the ORR is nearing completing, it has pushed up property prices in the surrounding and helped the city to extend its limits towards eastern side with people opting to build houses in the area. "We started the housing project as we knew connectivity will be no longer a problem," said Sunil. 

The Mysuru Urban Development Authority has build the six lane ORR while it has started work to build 800 meters stretch inside the APMC yard in Bandipalya, which will complete the loop of 41.5 kms. MUDA commissioner S Palaiah told The Times of India that they are planning to complete building 800 meters stretch in two months. "As of now, we've allowed traffic on the expressway through the eastern stretch. Once the road through the APMC yard is built, it will help the motorists," he said. 

As part of the ORR project, 32.5 kms of the expressway was laid a decade back while the missing link of 9.33 kms is constructed now. The eastern loop was delayed owing to problems in land acquisition. The entire stretch is now six laned at a cost of Rs 239.51 crore with funding from the Centre under JNNURM. 

A realtor, who wished not to be named, said: "Unlike earlier, property prices in eastern parts of the city are in demand now. The prices have appreciated by at least 20 per cent in a year. This is mainly due to accessibility factor." According to him, once the remaining stretch of 800 meters is completed, the price will go up by another 10 per cent. Given that the layouts developed in the surroundings of ORR is within MUDA limits, properties, especially sites, are in demand. But for the ORR, the area would not have come into focus, he explained. 

A senior MUDA official said the property prices have gone up after they started groundwork to build the expressway. Developers had purchased bulk land some time back and were waiting for development of layouts. It will happen now, he said. The urban body has estimated that the south-western parts of the city will house 20 lakh population by 2036. The urban body expects that housing projects will pick up in eastern side, especially towards T Narsipur road.

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