Mysuru: This is the right time to invest in homes as the real estate market is picking up after a sluggish year,” said B.R. Suchendra, Head, Brigade Enterprises Limited, Mysuru Branch.

Speaking to Star of Mysore at the two-day Brigade Easy Homes Carnival exhibition organised by the Brigade Group at Hotel Grand Mercure, here this morning, he said that the market had suffered a slump in the last one year due to demonetisation and GST (Goods and Service Tax) issues.

According to Suchendra, the price of steel and cement has gone up by 30 per cent, the diesel price has increased and the transportation cost of construction materials have also gone up. The prices of flats are likely to be steeper in the coming months and hence, if people invest now, they are likely to benefit.

The price of each flat in Mysuru city ranges from Rs.69 lakh and goes up to Rs. 3.75 crore. For instance the villas in Palm Grove on Bogadi Road costs between Rs.1.75 crore to Rs. 3.75 crore, he said.

Asked about the type of people interested in investing in the city, he said that it is a mixed crowd as there are NRIs (Non Resident Indians), the 50-60 age group, besides the young techie crowd in the age group of 30-50 years, he said.

“The people who come here in search of jobs, as many new industries are coming up, do not want to invest in homes here. But they want to rent homes and the two-bedroom flat fetches a rent between Rs.20,000 to Rs. 25,000 per month and three-bedroom ones between Rs. 25,000 to Rs.30,000.

The villas easily fetch rents of Rs. 75,000 for a three bed-room one and Rs. 1 lakh for a four bedroom villa per month,” he said.

Brigade is also coming up with a three Star Hotel, Ibis on KRS Road next to its premium Brigade Symphony project. “Our projects are ‘Easy to Buy, Easy to Occupy’ and the cost of the completed projects are inclusive of all taxes, while the projects under construction have no Pre-EMI (Equated Monthly Instalments),” said Suchendra.