The authorities on Thursday netted Rs. 7.32 crore by auctioning 34 of the 36 sites formed on 2.21 acres at Yelahanka owned by Srinivasa Shastry of Viniv Inc.
Though the guidance value is Rs. 500 per sq. ft here, the sites were auctioned at an average of Rs. 1,500 per sq. ft. Two more are yet to be auctioned. The sites were formed by the Government as per the norms of the Town and Country Planning Act by setting aside 45 per cent of the total land for amenities, including parks and roads.
Thursday's auction concerned part of the property to be sold to pay investors in Viniv Inc., Shastry's now defunct chit fund company.
