MYSURU: The Mysuru Development Authority (MDA) plans to raise ₹1,000 crores through the auction of its vacant plots, which include various corner sites across different layouts. This online auction aims to generate funds for developmental projects and to deter encroachment by land sharks while ensuring better land asset utilization.
Approximately 150 acres of land in numerous layouts like Vijayanagar (I to IV stages), Lalithadri Nagar, Vijayshreepura, Dattagalli, JP Nagar, Devanuru, Rajiv Nagar, and Hebbal are available for the urban body.
After developing around 700 layouts, which were transferred to urban local bodies such as Hootagally CMC and others, MDA’s revenue has suffered due to loss of property fees and cess. To counter this, MDA is mobilizing financial resources for upcoming initiatives, including the development of new layouts at Bommenahalli, group housing, multi-story apartments, and the construction of a peripheral ring road (PRR).
MDA has devised a strategy to create sites of 20×30, 30×40, and 40×60 measurements on approximately 150 to 200 acres throughout the city, planning to raise ₹1,000 crores through an online bidding process. KR Rakshith, MDA’s in-charge commissioner, stated that the authority intends to develop and auction these sites instead of allocating them through applications.
The MDA has also sent a request to the urban development department for approval to proceed with the development of these vacant plots to secure financial resources for future projects. They’ve initiated plans for a new layout at Bommenahalli, with several landowners already signing agreements, ensuring that these properties will be offered to applicants at affordable rates.
