BENGALURU: The second e-auction of sites for this financial year by the Bangalore Development Authority (BDA) has proved to be a huge success. One particular site in HRBR Layout went under the hammer for Rs 6.81 crore and was bought by a Non-Resident Indian (NRI), said a top official.
A total of 1,502 individuals took part in the bidding process for 524 sites on March 12. When the curtains came down on the auction process, the BDA ended up selling 293 sites, earning Rs 344.38 crore, data revealed. The civic agency earned Rs 160.27 crore more than what was expected.
While 172 sites went unsold, the BDA cancelled the auction of 26 sites as the price quoted by the bidders was 5 per cent lower than the base price. The HRBR Layout site fetched the highest price in the auction. “The site in the 3rd Block of the locality measures 337.23 sqmt (slightly less than 50x80 sqft).
We had fixed a bid price of Rs 4.94 crore, but it exceeded our expectations and went up to Rs 6.81 crore. This works out to Rs 2 lakh per sqmt and was the costliest of all the sites auctioned,” he said. The other site which evoked much interest was at Anjanapura. “The bid price was Rs 64 lakh, but it was finally purchased for Rs 1.57 crore, which is 2.5 times above what we asked,” the official said.
The crying need for better infrastructure at the Nadaprabhu Kempegowda Layout has not impacted the value of sites. “We had fixed a floor price of Rs 47 lakh, but the buyer finally bought it for Rs 1 crore, more than double the price,” he pointed out.
Asked about the unsold sites, the official said, “In every auction, one-third of the sites go unsold. Some of the sites not sold earlier have been put up for re-auction again and these have not generated interest again,” he said. The BDA is presently reimbursing the refundable deposit of Rs 4 lakh to Friday’s unsuccessful bidders.
On how the funds mobilised will be utilised, the official said it will go towards creating infrastructure at Kempegowda, Sir M Visvesvaraya and Anjanapura layouts. The only other auction in this fiscal was held last December.