e-Auction of sites fetches Rs.130 crore for MUDA

Mysore/Mysuru: The cash-strapped Mysuru Urban Development Authority (MUDA), which had been looking at newer avenues of revenue, seems to have succeeded in achieving this to some extent, as the Government Body has fetched a whopping Rs.130 crore through e-Auction of 196 sites out of the 300 it had put up for auction recently.

Wanting for funds, MUDA decided to auction 300 sites available in dimensions of 20’x30’, 30’x40’, 30’x50’, 60’x40’ and 50’x80’ at nine premier localities of the city namely, Saraswathipuram, Vijayanagar, Dattagalli, Lalithadrinagar, Shanthaveri Gopalagowdanagar, Lal Bahadur Shastri Nagar, Srirampura, R.T. Nagar and Vasanthnagar.

The online auction of sites took place between Aug.13 and 20, during which MUDA succeeded in disposing off 196 out of the 300 sites. As there was only a single bidder for each of the remaining 104 sites, MUDA decided not to allot these sites and wait for another round of auction, expecting that there will be more bidders.

The Authority has fetched a whopping Rs.130 crore from the e-Auction of 196 sites, the online auction of which ended on Aug. 20, in four registration phases with 75 sites in each phase.

MUDA Commissioner Dr. D.B. Natesh told Star of Mysore that the successful bidders had to remit 25 percent of the site bid value within three days of the auction and the remaining 75 percent in the next 45 days or with an Interest thereupon.

Pointing out that MUDA will immediately issue Title Deeds to all successful buyers upon payment of the site bid value in full, he said that such Title Deed holders have the liberty to re-sell the sites if they want, without no waiting time.

Continuing, the Commissioner said that MUDA also has land measuring from 3 acres to 10 acres in its possession in prime localities such as Vijayanagar Second Stage, Dattagalli and J.P. Nagar, which can be used for executing the Authority’s ambitious Affordable Group Housing Project.