MDA earns Rs 156 crore as buyers lap up premium sites

Mysuru: The latest auction of commercial and residential premium sites by Mysuru Development Authority (MDA) has earned it Rs 156 crore in revenue from the sale of corner and intermediate sites.A total of 200 sites were put up for auction, of which 133 were sold in the latest auction. Bidders will have three to four days to make the payment to complete the deal; otherwise, the EMD amount will be seized by the MDA.KR Rakshith, in-charge commissioner of MDA, informed TOI that there was an overwhelming response to the auction, and buyers showed interest in buying sites across Mysuru except in the northeast Mysuru — Sathagalli locality.Of the 40 sites auctioned in Vasanth Nagar, East Mysuru, approximately 33 were sold. The remaining sites had only one bidder each, and that bidder was ultimately rejected. This was the first time that sites in Vasanth Nagar were made available for auction. Many sites in this area are still available, and the MDA plans to auction them as they were purchased for Rs 9,000 per sqft, compared to a base price of Rs 7,300 per sqft.Response in West Mysuru was the highest as sites were bought for Rs 13,000 per sqft, as against a base price of Rs 7,900 per sqft.In the previous auction, a site was bought for Rs 21,000 per sqft.