Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - Recovered revenue land auction fetches low prices

John · 29-04-07

The auction of government lands continued for the third day on Friday at the office of the Deputy Commissioner of Bangalore Urban district with some select properties fetching hefty amounts that were beyond the expectations of the revenue authorities.

The proceeds that the Government netted on the third day was similar to those of the second day - 97.25 acres of land were auctioned on Friday for Rs. 40.94 crore compared to Rs. 41 crore netted on Thursday for 45 acres. The lands auctioned on Friday were all in Bangalore South and Anekal taluks south of Electronics City on Hosur Road.

The areas to the south of Bangalore have some of the major information technology firms. Consequently, real estate prices have been ruling very high over the past decade. On Thursday, the Government auctioned lands in Bangalore North and East taluks which have also been commanding a high price, thanks to the location of the international airport at Devanahalli.

A piece of .15 acre of land at Kenchanahalli in Bangalore South taluk was auctioned for Rs. 1.90 crore and at Parappana Agrahara near the Bangalore Central Prison and Electronics City, a 2.32-acre plot was auctioned for Rs. 1.54 crore an acre.

Lands auctioned on Thursday fetched prices higher than the guidance value fixed by the Department of Stamps and Registrations compared to the first day of auction when a 30-acre plot fetched only Rs. 1.5 crore. The lands were auctioned in 13 blocks of which 88 acres are in Anekal taluk. Nearly 10 acres of land was auctioned in five blocks in Bangalore South taluk - Bettadasanapura (5.19 acres), Parappana Agrahara (2.32 acres), Kommaghatta (2.07 acres), Kenchanahalli (0.15 acre) and Kenchanapura (0.14 acre). Eighty-eight acres at Kallubalu in Jigani hobli has a guidance value of Rs. 22 lakh an acre and the auction fetched 25 per cent to 400 per cent higher than the guidance value. Minister for Revenue Jagadish Shettar told The Hindu that the Government was now looking at ways of attracting more people to participate in the auction.

29-04-07	#3
John Member Join Date: Jan 2007 Posts: 120 Thanks: 0 Thanked 0 Times in 0 Posts	Some pieces of property fetch prices higher than guidance value The auction of government lands continued for the third day on Friday at the office of the Deputy Commissioner of Bangalore Urban district with some select properties fetching hefty amounts that were beyond the expectations of the revenue authorities. The proceeds that the Government netted on the third day was similar to those of the second day - 97.25 acres of land were auctioned on Friday for Rs. 40.94 crore compared to Rs. 41 crore netted on Thursday for 45 acres. The lands auctioned on Friday were all in Bangalore South and Anekal taluks south of Electronics City on Hosur Road. The areas to the south of Bangalore have some of the major information technology firms. Consequently, real estate prices have been ruling very high over the past decade. On Thursday, the Government auctioned lands in Bangalore North and East taluks which have also been commanding a high price, thanks to the location of the international airport at Devanahalli. A piece of .15 acre of land at Kenchanahalli in Bangalore South taluk was auctioned for Rs. 1.90 crore and at Parappana Agrahara near the Bangalore Central Prison and Electronics City, a 2.32-acre plot was auctioned for Rs. 1.54 crore an acre. Lands auctioned on Thursday fetched prices higher than the guidance value fixed by the Department of Stamps and Registrations compared to the first day of auction when a 30-acre plot fetched only Rs. 1.5 crore. The lands were auctioned in 13 blocks of which 88 acres are in Anekal taluk. Nearly 10 acres of land was auctioned in five blocks in Bangalore South taluk - Bettadasanapura (5.19 acres), Parappana Agrahara (2.32 acres), Kommaghatta (2.07 acres), Kenchanahalli (0.15 acre) and Kenchanapura (0.14 acre). Eighty-eight acres at Kallubalu in Jigani hobli has a guidance value of Rs. 22 lakh an acre and the auction fetched 25 per cent to 400 per cent higher than the guidance value. Minister for Revenue Jagadish Shettar told The Hindu that the Government was now looking at ways of attracting more people to participate in the auction.