MYSURU: The Mysuru Development Authority (MDA) has announced an auction for three commercial corner sites—one in JP Nagar (south Mysuru) and two in Vijayanagar IV Stage (west Mysuru)—with base prices between Rs 3.3 crore and Rs 3.5 crore.
Following a successful sale of a premium 4,133 sqft plot, which fetched Rs 8.6 crore, the authority has set the base prices for the new premium plots at Rs 7,300 to Rs 7,900 per sqft.
In addition, MDA is auctioning six sites priced between Rs 2.1 crore and Rs 2.5 crore, 15 sites from Rs 1.5 crore to Rs 2 crore, and 42 sites ranging from Rs 1 crore to Rs 1.5 crore, totaling approximately 200 sites available in the online auction scheduled for late March.
The auction notice specifies that the minimum bid increment is Rs 25,000 for plots under Rs 1 crore, while bids for plots valued at Rs 1 crore and above must increase by at least Rs 1 lakh.
The previous auction saw significant engagement, notably when a 740 sqft site was bid up to Rs 2 crore, which sparked notable reactions in the local real estate market and raised anticipation about land prices in the region.
With high demand evident, MDA is moving forward with another auction round, aiming to harness this heightened interest.
Officials believe that the enthusiasm reflects the growing desirability of west Mysuru, where buyers are looking forward to potential developments and enhanced connectivity. They anticipate competitive bidding, particularly for smaller and mid-sized corner and intermediate plots.
In the Vijayanagar and Dattagalli areas, residential intermediate plots start at Rs 5,200 per sqft, while commercial corner plots begin at Rs 7,900 per sqft. In the north Mysuru locality of Hebbal, the base price is Rs 6,000 per sqft, and in Gayathripuram I Stage, where five sites will be auctioned, the price is Rs 5,900 per sqft. In Vasanth Nagar, it’s about Rs 3,400 per sqft, while over a dozen sites in the Hanchya–Sathagalli B Zone of east Mysuru are set at Rs 5,900 per sqft.
In Devanur, located in northeastern Mysuru, approximately 14 sites are available at a base price of Rs 98.1 lakh each.
MDA in-charge commissioner KR Rakshith informed the Times of India that about 200 sites will be auctioned across four phases, beginning March 26 and concluding April 7.
