Mysuru Development Authority Launches Major Land Auction with 200 Sites
The Mysuru Development Authority (MDA) has announced a significant auction of commercial and residential properties, putting approximately 200 sites up for sale in an online bidding process scheduled for the last week of March. This move comes as the authority aims to capitalize on heightened interest in the local real estate market, following a successful previous auction that saw premium plots fetching record prices.
Premium Commercial Sites Lead the Auction
In its latest auction round, MDA has listed three high-value commercial corner sites with base prices ranging from Rs 3.3 crore to Rs 3.5 crore. These include one site located in south Mysuru's JP Nagar and two in west Mysuru's Vijayanagar IV Stage. The base price for these premium plots is set between Rs 7,300 and Rs 7,900 per square foot, reflecting the authority's confidence in the market's strength.
This pricing strategy is buoyed by the recent sale of a 4,133 sqft site in a previous auction, which was purchased for an impressive Rs 8.6 crore. The strong response has encouraged MDA to push forward with this fresh auction, targeting both investors and developers looking to secure prime real estate in Mysuru.
Wide Range of Sites Available
Apart from the premium commercial plots, MDA has diversified its auction portfolio to include a variety of sites catering to different budget segments. The auction features:
- Six sites priced between Rs 2.1 crore and Rs 2.5 crore
- Fifteen sites in the range of Rs 1.5 crore to Rs 2 crore
- Forty-two sites available for Rs 1 crore to Rs 1.5 crore
This structured approach ensures that the auction appeals to a broad spectrum of bidders, from large-scale investors to individual buyers seeking smaller plots.
Auction Details and Bidding Increments
According to the official MDA auction notice, the bidding process has specific increments based on plot value. For plots valued at less than Rs 1 crore, the minimum bid increment is set at Rs 25,000. For plots valued at Rs 1 crore and above, the minimum increment rises to Rs 1 lakh or more, ensuring a competitive and transparent bidding environment.
The previous auction drew widespread attention after a 740 sqft 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. This has set a positive precedent for the upcoming auction, with officials anticipating robust participation.
Locality-Wise Pricing and Development Appeal
MDA has detailed the base prices for various localities, highlighting the growing appeal of west Mysuru, where buyers are anticipating future development and improved connectivity. Key pricing details include:
- In Vijayanagar and Dattagalli localities, residential intermediate plots have a base price of Rs 5,200 per sqft, while commercial corner sites are priced at Rs 7,900 per sqft.
- In Hebbal locality in north Mysuru, the base price is Rs 6,000 per sqft.
- In Gayathripuram I Stage, where five sites are up for auction, the price is Rs 5,900 per sqft.
- In Vasanth Nagar, prices are around Rs 3,400 per sqft.
- 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.
Phased Auction Schedule
MDA in-charge commissioner KR Rakshith confirmed that the auction will be conducted in four phases, starting from March 26 and concluding on April 7. This phased approach allows for organized bidding and ensures that all 200 sites receive adequate attention from potential buyers.
With demand appearing high, MDA is moving ahead with this fresh round of auctions, aiming to attract competitive bidding, especially for smaller and mid-sized sites, both corner and intermediate. The authority expects the response to reflect the growing appeal of Mysuru's real estate market, driven by anticipated urban development and enhanced infrastructure projects.
