BENGALURU: At a recent e-auction held by Bangalore Development Authority (BDA), two land parcels totalling 19 acres in Konnadaspura, went under the hammer for Rs 630 crore -- a whopping 250 per cent above the guidance value for the area.
In another development, BDA decided not to go in for the across-the-table sale of its villas, priced at Rs 1 crore and above, at Hunnigere in Dasanapura hobli, due to overwhelming demand from the public, and will e-auction them.
A senior official said one of the land parcels measured 11 acres, while the other plot is 8 acres. “The guidance value here is just Rs 3,000 per sqft. At our auction on October 30, we fixed the base price at Rs 6,500 per square feet. We got a good response, with bidder Ananthay Properties quoting Rs 7,500 per sqft. This is 2.5 times the market value and is a crucial source of income for the BDA. We can utilise the money to complete our infrastructure projects,” he said. The developer has already paid 25% of the sum and the remaining would be paid shortly, he added.
It is a big plus for BDA, another official said. “Generally, we develop sites into layouts and then sell them to the public. In such instances, we get only 55% of the revenue as the remainder goes into developing the layout, with the required infrastructure. The revenue from direct auction of sites is 100 per cent,” he explained.
Hunnigere villas get huge response
Due to overwhelming queries from the public for its villas at Hunnigere, located between Tumakuru Road and Magadi Road, BDA has decided to drop its regular allotment mode of ‘First Come, First Serve’ for home buyers.
“We decided to e-auction the villas as it could help us realise better returns. The notification urging the public to register for e-auction was issued on November 9, and December 13 is fixed as the last date. The live auction will happen on December 16 and 17, up to 5pm,” said an official.
The project includes 170 4BHK houses, 152 3BHK houses and 320 1BHK houses. “BDA is keen on grossing more than Rs 1 crore for the 4BHK houses,” he added.
BDA has begun the process of demolishing illegal encroachments on its properties and taking control of them. “They will be auctioned at periodic intervals,” the official said.