Wednesday, February 21, 2024
GABM
GABM
HomeNewsTop NewsMUDA to auction two sites with base price over Rs 3 crore

MUDA to auction two sites with base price over Rs 3 crore

According to officials, there is a demand for sites in this locality and people have shown interest. The urban body has reserved sites in layouts they had developed in the last five decades and frequently put up a few sites for auctioning every two-three months.

Two sites developed by the Mysuru Urban Development Authority (MUDA) are set to go under the hammer in the upscale Vijay Nagar locality in west Mysuru for a base price of Rs 3.5 crore and Rs 3.25 crore during the latest auction.

According to officials, there is a demand for sites in this locality and people have shown interest. The urban body has reserved sites in layouts they had developed in the last five decades and frequently put up a few sites for auctioning every two-three months. The Vijay Nagar locality has developed faster in comparison with other layouts in Mysuru so demand for sites here has shot up in every auction.

An official on the condition of anonymity said that in the latest auction, there are just over 50 sites in Vijay Nagar — stage II, III and IV.

A total of 313 sites are up for grabs this time. Usually about 30-35% of sites are sold in every auction and the sites having no takers are reserved for future auctions.

MUDA has hundreds of sites in the locality and every time about 50-80 sites from all stages of the locality are auctioned.

MUDA gets its revenue only through auctioning sites and hence premiums corner and intermediate sites are not allotted during the general distribution of sites. MUDA has fixed base price of sites starting from Rs 2,500 up to Rs 5,000 per square foot depending upon the areas and in Vijay Nagar layout is around Rs 4,500 sqft.

The base price of a site measuring 8,500 sqft (796.5 sqmt) facing the Outer Ring Road in Vijay Nagar stage IV, Ist phase, is Rs 3.5 crore and another site in Vijay Nagar Stage II is priced at Rs 3.25 crore.

MUDA chairman HV Rajeev had said the urban body has developed more than 12,000 sites in Vijay Nagar IV stage alone. It is one of the premium layouts MUDA has developed, he said.

Citizens and realtors feel the raising of land prices by urban bodies has increased site rate in the locality.

NM Thimmaiah, a resident of Vijay Nagar, claims there are no facilities like garbage collection or stormwater drainage, yet prices are going north because of the urban body.

Mysore Realtors’ Association founder secretary Adish Sagar said MUDA must auction only corner sites as per provisions but even intermediate sites meant to be distributed to applicants are being put up for auction.

RELATED ARTICLES

Most Popular

Hot News