Cash crunch: MUDA to auction 300 sites

Cash crunch: MUDA to auction 300 sites

August 2, 2020

Sites at Saraswathipuram, Vijayanagar, Shantaveri Gopalagowdanagar, Dattagalli, Lalithadrinagar, Lal Bahadur Shastri Nagar, Srirampura, R.T. Nagar and Vasanthanagar

Mysore/Mysuru: The cash strapped Mysuru Urban Development Authority (MUDA)in a bid to mop up revenues, has come forward to auction 300 sites online.

The 300 sites available in dimensions of 20’x30’, 30’x40’, 30’x50’, 50’x80’ and 60’x40’, are located in nine localities —Saraswathipuram, Vijayanagar, Dattagalli, Lalithadrinagar, Shantaveri Gopalagowdanagar, Lal Bahadur Shastri Nagar, Srirampura, R.T. Nagar and Vasanthanagar.

The online registration for participating in the auction has already begun, with MUDA issuing applications on its E-Procure web portal. The applications must be submitted online along with a Registration fee of Rs.1,500. 

The EMD (Earnest Money Deposit) for  sites that have basic price of Rs. 1 crore is Rs. 1 lakh and Rs. 3 lakh for sites having base price of more than Rs. 1 crore. Those who are unable to apply online, can visit the MUDA office and submit their applications at the Help Desk, from where the applications will be sent online. As the MUDA is auctioning the sites online, there is no scope for middlemen and the sites will be disposed off in a transparent manner. The auction is scheduled to take place from Aug.13 to 20. As MUDA has displayed all details regarding the location and dimension of sites, the buyers can prepare themselves for purchasing the site according to their preference.

The registration for the first 75 sites will be open till Aug.13, for sites 76 to150 till Aug.16, for sites 151 to 225 till Aug.17 and for sites 226 to 300 till Aug.18. The auction will take place two days after the end of respective deadlines. The successful buyer has to remit 25 percent of the site value within 72 hours of auction. The buyer will have 45 days time to remit the balance amount or with interest after 45 days thereupon.

MUDA Commissioner Dr. D.B. Natesh told Star of Mysore that the MUDA has been receiving good response from the public for the auction of 300 sites. Interested buyers can purchase the sites directly from MUDA, leaving no scope for middlemen. As the MUDA is now issuing Title Deeds directly, the buyers an avail loans from the banks easily. 

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Also the general condition that the buyer cannot sell the sites before ten years of registration will not apply in this case and as such the buyer can sell it to anyone after registration if he/she gets a better price, he said and added that the auction provides a golden opportunity for interested buyers to get a site of their choice. Dr. Natesh further said that several NRIs too are showing interest for participating in the auction of MUDA sites, which explains the demand for prime sites in developed localities.


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