It was known more for its magnificent palace and Tipu Sultan’s relics. But now,

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Mysore is fast emerging as a residential and commercial goldmine.

Just a three-hour drive from the country’s information technology (IT) capital, Mysore is emerging as Bangalore’s twin city. New industrial hubs have come up in the city and real estate transactions are on the rise. Property prices in this tier-II town have gone up following the slowing down of real estate sector in Bangalore.

“Mysore has seen at least a 2 per cent hike across the board,” says Asif Nabeel, a Bangalore-based real estate consultant. “But rates are not has high as in Bangalore. Those looking to invest have found it more lucrative to invest here than in Bangalore.”

Accessibility is one of the main advantages. Bangal-ore’s Outer Ring Road and the Mysore-Bangalore highway have made Mysore easier to get to.

An expressway is also on the cards, which would connect Mysore to other cities. Because of this beefing up of infrastructure, a number of IT and information technology-enabled services (ITeS) companies have set up campuses there. Accenture, IBM, Cognizant Technologies, Honeywell, L&T, Wipro and Infosys are some of the multinational companies (MNCs) that have checked in to Mysore.

Retail major Big Bazaar is planning to open its 98th and 99th store in Mysore and Pune.

IT companies are looking at localities such as Hebbel industrial area, Metagalli and Vijaynagar to start operations.

Real estate brokers say prices in this area have seen a three-fold increase in the past two years. Prices are in the average range of Rs 2,000-

Rs 4,000 per sq ft, which is quite moderate in comparison to sites in Bangalore.

Located in Jattihundi, close to Vijaynagar and Outer Ring Road, Sobha Developers has set up its latest venture — a Rs 150-crore residential villa project ‘Sobha Scarlet’ in Mysore.

JC Sharma, managing director, Sobha Developers says, “Mysore is the second largest and fastest growing tier-II city in Karnataka. Its close proximity to Bangalore and Nillgiri hills and its historical and cultural importance has attracted the best IT powers of the world. Mysore has been a traditional seat of learning for centuries. Sobha Developers has established its presence in Mysore over the past few years by constructing the Infosys campus as one of its many contractual projects for this prestigious IT client.”

The 14-acre Sobha Scarlet would have 83 premium villas. The first phase of the project would be spread across 8.42 acres, consisting of 49 villas. The residential complex would have six types of villas, ranging from 2,900 sq ft to 4,100 sq ft, in the price range of Rs 1. 8 crore-Rs 5.8 crore.

But if you’re looking at a social life in Mysore, it has yet to reach Bangalore’s standards. The city is known more as a ‘retired person’s delight,’ because of its pristine landscape and good infrastructure.