Real Estate
Mysuru Development Body Earns ₹156 Crore as Buyers Lap Up Premium Sites
The latest auction of commercial and residential premium sites by the Mysuru Development Authority has earned it ₹156 crore in revenue from the sale of corner and intermediate sites.
Mysuru, April 10: A total of 200 sites were put up for auction, of which 133 were sold in the latest auction.
Payment Terms
Bidders will have three to four days to make the payment to complete the deal; otherwise, the Earnest Money Deposit (EMD) amount will be seized by the MDA.
Location-Wise Performance
| Area | Performance |
|---|---|
| West Mysuru | Highest response – sites sold at ₹13,000 per sq ft (base price: ₹7,900 per sq ft) |
| Vasanth Nagar (East Mysuru) | 33 of 40 sites sold (first time auctioned); sold at ₹9,000 per sq ft (base price: ₹7,300 per sq ft) |
| Northeast Mysuru (Sathagalli) | No buyer interest |
| Previous auction high | Site sold for ₹21,000 per sq ft |
Official Statement
KR Rakshith, in-charge Commissioner of MDA, informed that there was an overwhelming response to the auction, and buyers showed interest across Mysuru except in the northeast Mysuru - Sathagalli locality.
Future Plans
Many sites in Vasanth Nagar are still available, and the MDA plans to auction them.