JOIN USBangalore Development Authority auctions 85% of the listed corner sites
Planning to auction corner sites across Bengaluru with an aim of mobilising funds for Covid-19 relief works, the state government received a shot in the arm with about 85 per cent of the sites auctioned on Saturday.
Out of the 195 sites that were up for grab in various locations of Bengaluru as many as 166 corner sites were auctioned. The auction is expected to fetch Rs 210.82 crore revenue to the Bangalore Development Authority (BDA) which had been the custodian of these sites.
Following the state government’s decision to auction the corner sites, BDA had allowed online registration for the public until a few days ago. The auction witnessed a huge response from the Bengalureans with more than 2,500 people bidding for 195 sites. Even though there was a technical glitch on the last day of registration on the e-procurement portal, BDA officials had overcome the problem and extended the registration deadline by another day.
On Saturday only 166 sites were auctioned. Interestingly there were no bidders for the 10 sites and another 19 corner sites did not get the suitable amount desired by the BDA and they were cancelled from the auction.
According to the official information provided by the BDA officials, those who have successfully bid for the sites have to pay 25 per cent of the total value of the site in three-days to BDA. Previously, BDA used to auction about 50 sites every month and witnessed only about 40 per cent success
“Of these sales and in the form of advance payment for the auctioned sites, BDA will get Rs 52.70 cr revenue,” the official revealed. The successful bidders have to pay the remaining 75 per cent amount of the sites within 45-days since the receipt of a successful bidding letter by the BDA.
Buoyed by the response, the civic body is now preparing for the second round of auction in a few days. Sources at BDA revealed to DH that the authority is planning to auction another 300 corner sites during the second auction. Most of the successful bidders included overseas Indians (NRIs) and working professionals planning to settle in Bengaluru.