The Bangalore Development Authority (BDA) is set to auction over 145 corner and intermediate sites, located across various layouts in the city, in mid-March. This move is projected to generate revenue for the BDA while providing buyers an opportunity to own prime plots in well-developed areas, the officials said
According to BDA officials, the sites for auction are spread across multiple prime localities, including Bhupasandra near Hebbal, Nagarabhavi 2nd stage, Banashankari 6th stage, Sir M. Visvesvaraya Layout and HSR Layout.
More details about the locations and plot sizes will be released in the official notification which is expected after March 10.
How will the auction work?
The auction will follow the BDA’s standard procedure, which has been used multiple times in previous land sales under the Disposal of Corner and Intermediate Sites Rules, 1984. The auction process will be conducted online, and interested buyers have to register on the official website to participate.
The prices of the plots will depend on their location. The BDA will set an initial base price for each site, which will increase as bidding progresses. For example, a site in Anjanapura township is priced at Rs 70,200 per square metre, while in Koramangala 4th Block, the cost is Rs 2 lakh per sqm.
Bidders must place bids in multiples of Rs 500 per square meter in the auction. The highest bidder at the end of the auction will be allotted the plot.
The bidders must make a refundable initial deposit at the banks listed in the BDA's official notification to participate in the e-auction. Participants will be given permission to bid as soon as the payment has been verified.
After March 10, a formal notice about the auction will be posted on the BDA website, along with particulars about the sites that are available and the rules for participation. To participate in the bidding process, those who are interested should monitor the website and fulfil the required requirements.
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