MYSURU: An online auction of stray MDA sites in Mysuru’s upscale neighborhoods has revealed astonishing bids. The top bid for a 745 sqft corner plot in the affluent Vijayanagar IV stage reached Rs 2 crore, significantly above the base price of Rs 59.6 lakh.
Another site, spanning 4,133 sqft, garnered a bid of Rs 9 crore compared to its starting price of Rs 3.3 crore. Both properties had a base price set around Rs 8,000 per sqft, using market rates and previous sales as benchmarks. Bids for these properties have surged, often reaching two to three times the original base price, showing a robust demand in the area.
After a two-year hiatus, the Mysuru Development Authority (MDA), formerly known as Mysuru Urban Development Authority, is auctioning 200 properties online in four batches of 50 from July 31 to August 26. This marks the first such auction by the MDA since its formation in 2025.
Confirming the surprising bids, MDA in-charge commissioner KR Rakshith stated that
buyers must deposit 25% of the bid amount within three days following the auction. They then have a two-month period to finalize the transaction, or they risk losing their Earnest Money Deposit (EMD) of Rs 2 lakh.
In cases where a buyer cannot complete the deal, the commissioner indicated that the second-highest bidder would be offered the site; reportedly, this bidder has proposed Rs 1.98 crore for the corner plot.
In Mysuru’s commercial districts, the top deals for commercial properties are typically between Rs 12,000 and Rs 20,000 per sqft. Although Vijayanagar layouts combine industrial and residential areas, the market rate has not exceeded Rs 10,000 per sqft.
For Vijayanagar, the government has set a guidance value of approximately Rs 3,000 per sqft, while the base bids are at Rs 8,000. However, bidders are now quoting prices exceeding Rs 20,000 per sqft in an unprecedented trend.
To date, over 400 buyers from around the world have submitted online bids for 100 MDA properties in Mysuru. Among these, 25 properties received only a single bid and will be canceled, while the remaining 75 sites each have an average of eight bidders.
The MDA maintains about 10% of its total sites for future auctions to generate funds for maintenance and infrastructure improvements. Typically, these auctions feature premium, corner, or strategically located sites.
The MDA faced scrutiny over the controversial 50:50 site-sharing scheme, in which CM Siddaramaiah’s wife, Parvathi, allegedly received 14 plots in premium areas. Following public backlash, she returned all 14 sites to the MDA, which were exchanged for three acres and 16 guntas of land.
