MDA puts 200 sites on block as demand surges in Mysuru

Mysuru: Mysuru Development Authority (MDA) has put up three of its commercial corner sites—one in south Mysuru (JP Nagar) and two in west Mysuru (Vijayanagar IV Stage)—for auction at base prices ranging from Rs 3.3 crore to Rs 3.5 crore in its latest auction.Buoyed by the sale of its premium 4,133 sqft site in the previous round, which was purchased for Rs 8.6 crore, the urban development body has quoted a base price of Rs 7,300 to Rs 7,900 per sqft for the premium plots developed by it.
Apart from this, it put up six sites between Rs 2.1 crore and Rs 2.5 crore, 15 sites for Rs 1.5 crore to Rs 2 crore, and 42 sites for Rs 1 crore to Rs 1.5 crore. In all, about 200 sites are set to go under the hammer in the online auction in the last week of March.According to the MDA auction notice, for plots valued at less than Rs 1 crore, the minimum bid increment is Rs 25,000, and for plots valued at Rs 1 crore and above, it is Rs 1 lakh and above. The previous auction drew widespread attention after a 740sqft site reportedly received a bid of Rs 2 crore, triggering strong reactions across the local real estate market and raising expectations about land values in the area. With demand appearing high, MDA is now moving ahead with a fresh round of auctions, aiming to capitalise on the increased interest.Officials believe the response reflects the growing appeal of west Mysuru, where buyers are anticipating future development and improved connectivity. The authority expects the upcoming auction to attract competitive bidding, especially for smaller and mid-sized sites, both corner and intermediate.In Vijayanagar and Dattagalli localities, the base price of residential intermediate plots is Rs 5,200 per sqft, whereas for commercial corner sites, the base price is Rs 7,900 per sqft.In Hebbal locality in north Mysuru, the base price is Rs 6,000 per sqft, while in Gayathripuram I Stage, where five sites are up for auction, the price is Rs 5,900 per sqft. In Vasanth Nagar, the price is around Rs 3,400 per sqft, and in Hanchya–Sathagalli B Zone in east Mysuru, over a dozen sites are being auctioned at a base price of Rs 5,900 per sqft.In Devanur locality, in the north-eastern part of Mysuru, about 14 sites are priced at Rs 98.1 lakh each as the base price. MDA in-charge commissioner KR Rakshith told TOI that about 200 sites will be auctioned in four phases, starting from March 26 and concluding on April 7.