Despite the Covid-19 crisis, the Bangalore Development Authority’s auction of plots has evoked overwhelming response from bidders.
The highest bid price quoted in the first round, when 185 residential plots went under the hammer, was at HSR (Hosur-Sarjapur Road) Layout. Eleven corner sites in this area fetched an average Rs 4 crore for each site. The lowest bid price quoted was for plots at SMV Layout where 82 sites cost an average of Rs 51 lakh each.
In the first round, BDA sold 166 out of 195 sites and earned Rs 210 crore. It bagged Rs 52 crore immediately as successful bidders had to pay 25 per cent of the site value in three days. “We could sell 85 per cent of sites available for bidding. More than 2,500 people participated,” said BDA commissioner HR Mahadev.
BDA said it cancelled the auction of 19 sites as the bids were less than 5 per cent above the price fixed. There were no bidders for 10 sites. BDA had fixed the price at 10 per cent more than the guidance value of the area .