Poor returns marked the second day of the second phase of public auctioning of recovered government land. Of a total of 13 survey numbers in Bangalore North (Additional) and South Taluks auctioned on Thursday, none fetched the government’s expected prices.
Worse, five were auctioned on bids even lower than the corresponding property guidance values. The Revenue Department amassed Rs 18.95 crore from Thursday’s auction, on 50 acres and 39 guntas of land.
A 12 acre-nine gunta site in B M Kaval, a two acre-30 gunta site in Naganayakanahalli, a two acre-two gunta site in Uttari, a one acre-20 gunta site in Agara and a 13-gunta site in Kaggalipura fetched prices (see box) less than the guidance values.
All the five survey numbers will be re-auctioned, according to sources in the Revenue Department.
Over the first phase of auctions in late April and the auction held on Tuesday, the Department has run into a substantial backlog of sites scheduled for re-auctioning, due to the low prices they’ve fe-tched.