Bangalore Development Authority to auction 300 corner sites, eyes revenue
BENGALURU: The Bangalore Development Authority (BDA) will shortly be e-auctioning 300 corner sites which are premium and are sought after by the public. The response for the 1,800 sites auctioned so far has been quite impressive, officials said.
BDA has nearly 4,500 corner sites spread across Bengaluru. The accessibility, good ventilation and natural lighting ensure that the sites are in demand and can fetch 25 per cent more returns than regular sites.
A top BDA official told The New Indian Express, "The final touches to call for auction of 300 corner sites is being done presently. We began the auctioning process of these coveted sites 18 months ago. We have done it in phases and have auctioned 1,827 corner sites. So far, the authority has earned a total revenue of Rs 1,680 crore while our estimated price was only Rs 1,075 crore. BDA has garnered 56.3 per cent more income than what was planned."
He added that these sites offered the much-needed revenue to the cash-strapped organisation to carry out numerous development works across its layouts.
BDA corner sites are available at Anjanapura, Banashankari 6th Stage, BTM Layout 4th and 5th Stages, East of NGEF, Sir M Visvesvaraya Layout, Jnana Bharathi and Rajajinagar and a few other locations.
Former Chief Minister BS Yediyurappa, in a review meeting with BDA officials in June this year, had urged the authority to accelerate the auction process so that it could boost its revenue.
Officials are hopeful of a good response this time too. Some sites have fetched much more than expected in the past. A site measuring a little over 40x60 sft in HSR Layout Sector-2, fetched a record price of Rs 8.09 crore when the expectation from it was only Rs 8.09 crore.
Corner sites generally receive a quote above the bid price. However, in case the bids for sites are up to 5 per cent lesser than the base price, then, they are generally rejected and re-auctioned.