Treasure trove for BDA

Treasure trove for BDA
Deccan Herald

Bangalore Development Authority’s reserve of property sites again proved to be its treasure trove — an auction of seven residential sites on Friday added over Rs three crore to its coffers.

Seven sites in prime areas, including Jayanagar IX Block and Banashankari I Stage were auctioned for bids that even surpassed the commercial rates of the properties. A residential intermediate site of 111.5 square metre area, at Jayanagar IX Block, was auctioned for Rs 52,500 per square metre, amounting to over Rs 58.5 lakh.

The guidance value of the site is around Rs 20 lakh. Meanwhile, the highest bid for a 81.6 sq metre residential corner site at Shastrinagar in Banashankari II Stage, was Rs 44,500 per sq metre, against the guidance value of Rs 750 per sq metre. According to BDA Chief Accounts Officer Narasimha Murthy, the final bids were higher than the market rates by over Rs 500 per sq metre and over three times the guidance value fixed for the area.

The BDA holds an average of four to five auctions per month of its residential and commercial sites. As many as 19 sites were auctioned in January and another ten sites from Mahalakshmi Layout were auctioned on February 16, at an average rate of Rs 27,691 per sq metre. Another two auctions, at OMBR Layout and Rajajinagar will be held in the coming weeks.

Only a couple of months ago, in Rajajinagar, BDA got Rs 1.05 crore for a 398 sq ft plot. It was a corner plot located opposite Vidyavardhaka Sangha. BDA had auctioned nine sites under the commercial-corner, residential-corner and residential intermediate categories in Rajajinagar First N Block, West of Chord Road 4th Stage, West of Chord Road 3rd Stage and 2nd Block and Rajajinagar 5th Block, earlier this month, netting large amounts.