BANGALORE: As much as 50.39 acres of land were auctioned for Rs. 18.95 crore on Thursday, with 10 out of 11 blocks of land fetching less than the price expected by the Government.
With the Government hoping to get at least Rs. 1 crore per acre of land, bidders failed to match the expectations though the bids were slightly more than the guidance value. For instance, for survey no 18/1 in B.M. Kaval, Kengeri hobli in Bangalore South taluk, the Government expected Rs. 12 crore for 12.09 acres but the maximum was Rs. 3.79 crore bid by Mysore Sales International limited (MSIL). MSIL, a government agency dealing in lottery, silks and saris, also won the bids for two other blocks of land 7.26 acres and 7 acres at Hesarghatta and Uttarahalli hoblis respectively for Rs. 1.5 crore and Rs. 2.91 crore. The Government had quoted its expected prices at Rs. 8 crore and Rs. 7 crore.
The only piece of land that went for more than the expected value was 2.02 acres of survey no 165 at Uttari village in Uttarahalli hobli, Bangalore South taluk. The Government had stated its expected value at Rs. 30 lakh but Manjunath bid Rs. 46 lakh for it.
While three blocks of land had been designated as green belt, the other eight blocks auctioned today do not have any land use specified as the interim master plans have not been finalised for the areas.
Regular bidders Raju Vignesh and Ramaiah Reddy won the bids for 6.39 acres in Nagadasanahalli in Yelahanka and 1.13 acres at Uttari in Uttarahalli hobli, respectively. They quoted Rs. 4.5 crore and Rs. 56 lakh as against the Government expectation of Rs. 7 crore and Rs. 1.5 crore.
The High Court of Karnataka stayed the auction of 9.2 acres of survey no 72 in Uttanahalli in Jala Hobli, Bangalore North (Additional) taluk.
The next round of auctions is scheduled for May 19 when 111 acres in Bangalore North taluk will go under the hammer.