MYSURU: The Mysuru Development Authority (MDA) recently held an auction for premium commercial and residential sites, generating ₹156 crore in revenue from the sale of corner and intermediate plots.
A total of 200 sites were auctioned, with 133 finding buyers. Successful bidders have three to four days to complete their payments; failure to do so will result in the forfeiture of their EMD amount.
KR Rakshith, the commissioner in charge of the MDA, reported a strong turnout at the auction, noting that there was significant interest across Mysuru, excluding the Sathagalli area in northeast Mysuru.
Around 33 of the 40 sites in Vasanth Nagar, East Mysuru, were sold. The remaining sites only attracted a single bidder each, leading to their rejection. This was the inaugural auction for sites in Vasanth Nagar, which are still available as many were purchased at ₹9,000 per sqft, despite a base price of ₹7,300 per sqft.
West Mysuru saw the highest demand; sites there sold for ₹13,000 per sqft, surpassing the base price of ₹7,900 per sqft.
In the prior auction, one site fetched an impressive ₹21,000 per sqft.
