Realty sector picking up after 2nd wave

Milton.Lawrence
Mysuru: With the economy picking up after the second wave of the pandemic, the real estate sector is also witnessing a recovery.
Registration of both commercial and residential properties is gaining momentum. The number of building plan approvals has increased and so is the percentage of buyers of auctioned sites. Construction activities have started, indicating green-shooting in the sector.
Mysuru Realtors’ Association founder-secretary and immediate past president Adish Sagar said people, of late, are steadily investing in real estate. Property registrations in both urban and rural areas are happening, he stated.
The realty sector covers over 300 real estate management firms, development services, finances, and businesses dealing with bricks, cement manufacture and fabrication.
Adish explained if at all there is a problem in the sector, it may be due to an individual- or developer-related issues, but the overall percentage is less than 1%. The sector provides the best platform for investment if the buyer exercises caution during transactions.
Rajeev H V, chairman of Mysuru Urban Development Authority, said the sector is slowly limping back to normalcy. With regard to the auction of premium and intermediate sites, the number of buyers is increasing of late. Pre-pandemic, nearly 80% of the sites were being auctioned, while it is just over 60% now. But it has increased after the second wave of the pandemic, he said.
Construction activities have resumed too. In the last six months, about 112 building plan approvals have been made by Mysuru City Corporation (MCC). The number has been promising in the second quarter as 72 sanctions have been given in three months, which is higher compared to the corresponding period in 2020.
Previous fiscal, about 299 approvals were given despite Covid. On an average, MCC issues 290 sanctions every year, according to an engineer of MCC.