MYSURU: Property prices in private layouts around Chamarajanagar city have been rising steadily over recent years. This trend is largely due to improved connectivity, the establishment of new industries in the Badanaguppe-Kellamballi Industrial Area, and delays in site allocation by the Chamarajanagar Urban Development Authority (CUDA).
In the first phase of developing the Badanaguppe-Kellamballi Industrial Area, the state government acquired approximately 1,500 acres of land a decade ago, compensating landowners at Rs 20 lakh per acre.
Three years prior, CUDA secured an additional 1,100 acres for the second phase of development in the Kellamballi-Badanaguppe area, offering compensation of Rs 43 lakh per acre.
As a result, land prices have escalated to Rs 60 lakh per acre in the outskirts of the city, including areas like Masagapura, Mariyala, Madapura, Shivapura, and Haradanahalli.
Private developers and real estate agents now list prices between Rs 1,200 to Rs 1,500 per square foot for new layouts along Santhemarahalli Road.
With CUDA stepping back from developing new layouts, private projects have surged around Chamarajanagar, attracting investors from Mysuru, Tamil Nadu, and Kerala. Following recent land reforms, the price of land within a 25 km radius of the Chamarajanagar district headquarters has risen to Rs 25 lakh to 30 lakh per acre.
In the past three years, the border district has experienced growth in new industries, tourism, and agriculture, as noted by Mahadevayanayaka, a local real estate agent.
Despite CUDA’s development of new layouts across 15 acres at Santhemarahalli, site distribution has not yet occurred. This delay, coupled with improved connectivity and private sector development, has led to escalating land prices, according to Mahadevayanayaka.
However, CUDA president Mohammed Asghar stated that the urban body has procured land in surrounding villages for future layout developments.
