Bangalore Development Authority's HRBR Layout site goes under the hammer for Rs 6.81 crore to NRI

When the curtains came down on the auction process, the Authority ended up selling 293 sites and earned a total of Rs 344.38 crore, revealed data shared.

Published: 15th March 2022 12:12 PM  |   Last Updated: 16th March 2022 02:18 PM   |  A+A-

Bangalore Development Authority

Bangalore Development Authority

Express News Service

BENGALURU: The second e-auction of its sites for this financial year by the Bangalore Development Authority (BDA) has proved to be an enormously successful one. A site in HRBR Layout was the cynosure of all eyes as it 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 1502 individuals took part in the bidding process for 524 sites on Friday (March 12). When the curtains came down on the auction process, the Authority ended up selling 293 sites and earned a total of Rs 344.38 crore, revealed data shared. BDA had totally earned Rs 160.27 crore more than expected. While 172 sites went unsold, BDA ancelled auction for 26 sites as the price quoted by bidders was less 5 per cent of the base price.

The HRBR Layout site fetched the highest price of all the sites auctioned on Friday. Since the buyer's privacy had to be maintained by it, details were not shared by BDA. "The site in the Third Block of the area runs to 337.23 sqm ( slightly less than 50x80 sq ft). 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 sq m of land for this property and was the costliest of all the sites auctioned," he said.  

The other site which evoked much interest was one at Anjanapura, also in the Third Block. "The bid price fixed 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 infra at the Nadaprabhu Kempegowda Layout has not impacted value of the sites here, going by the response to one site at 7th Block. "We had fixed a floor price of Rs 47 lakh but the buyer finally bought it for Rs one crore, more than double," 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 they have not generated interest again."

BDA is presently reimbursing the refundable deposit of Rs 4 lakh to Friday's unsuccessful bidders. Asked about how the funds mobilised would be utilised, the official said that it would go towards creating infrastructure at Kempegowda, Sir M Visvesvaraiah and Anjanapura Layouts.

The only other auction for this fiscal was held in December 2021.

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