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Mysuru Development Authority's (MDA) online auction of stray plots drew strong global participation, with bids far exceeding reserve prices and setting new benchmarks. A 745 sq ft corner plot in Vijayanagar IV Stage, valued at INR 59.6 lakh, sold for INR 2 crore, while a 4,133 sq ft site worth INR 3.3 crore fetched INR 9 crore. With 200 sites auctioned in four phases, each received an average of eight bids, though 25 single-bid plots may be cancelled. Some bids crossed INR 20,000 per sq ft-well above Mysuru's typical market range. The exercise, MDA's first in two years, generated record revenue for city development.
Mysuru Development Authority's online auction of stray plots in prominent layouts saw bids soar beyond expectations, with several sites fetching two to three times their reserve price. A 745 sq ft corner plot in Vijayanagar IV Stage, priced at a base of INR 59.6 lakh, secured a winning bid of INR 2 crore. Similarly, a 4,133 sq ft site valued at INR 3.3 crore closed at INR 9 crore. Advertisement
The auction marked the first such exercise in nearly two years. MDA had placed 200 sites under the hammer, divided into four tranches of 50 plots. Participants were required to deposit 25 percent of their winning amount within three days and complete the deal within two months. Failure to comply would lead to forfeiture of the earnest money deposit of INR 2 lakh, with the second-highest bidder offered the chance to purchase. In one such instance, a backup bid of INR 1.98 crore was recorded for a corner site.
What stood out was the fact that bidders quoted prices far above typical commercial benchmarks in Mysuru, where rates usually range between INR 12,000 and INR 20,000 per sq ft. Even Vijayanagar, regarded as a prime residential area, had not crossed INR 10,000 per sq ft. Despite this, some bids exceeded INR 20,000 per sq ft, reflecting an unusual level of aggressiveness.
The auction attracted more than 400 participants from across the globe. On average, each site received about eight competing bids, although 25 plots that secured only a single bid are likely to be cancelled. As part of its regular practice, MDA retains around 10 percent of layout sites to auction later, thereby generating funds for infrastructure projects and city development initiatives.
While the sharp escalation in bids has set new benchmarks for pricing in upscale layouts, the strict payment framework ensures only serious buyers remain in contention. The enthusiastic response also highlights MDA's effective use of surplus plots as a means to generate revenue while addressing the city's urban development needs.
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