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MYSURU: The Mysuru Development Authority (MDA) has annulled the allocation of a 745 sqft corner plot in the upscale Vijayanagar IV Stage in west Mysuru because the winning bidder did not finalize the necessary formalities. The bidder had offered Rs 2 crore against a base price of Rs 59.6 lakh.
K.R. Rakshith, the MDA in-charge commissioner, confirmed to TOI on Thursday that the cancellation was due to the bidder’s failure to remit 25% of the bid amount by the stipulated deadline. According to the commission, the bidder cited a personal loss as the reason for not completing the process. The plot will be put up for auction again, the official stated.
In a related development, another site—a 4,133 sqft commercial corner plot in the same area—has successfully moved to the next phase with its bidder paying 25% of the Rs 8.6 crore quote. This valuation is notable, nearly three times the reserved price.
Overall, 108 bidders met the requirement of paying 25% of their bid amounts in the recently conducted auction block by MDA. Out of approximately 200 corner and intermediate sites, 114 were sold through online bidding. However, six bidders failed to make the required payments, causing those plots to return to auction. MDA had set the floor price between Rs 6,500 to Rs 8,000 per sqft.
Proceedings for 45 sites with a single bidder were also canceled.
A developer noted that the recent auction has established a new benchmark, driving up property values within the colony.
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