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Recovered revenue land auction fetches low prices


Recovered revenue land auction fetches low prices

Last updated: August 30 2010
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  • Recovered revenue land auction fetches low prices

    Nine sites. Rs 24.93 crore. It was a mixed bag for the State Revenue Department on the first day of its public auction of recovered government land on Wednesday.
    Around 20 bidders pitched for the nine survey numbers (a total of 102acres and three guntas) in Anekal, Bangalore North and South Taluks. While Anekal and Bangalore North received good prices,the Department officials were vocal about their disappointment at the low prices the two sites in Bangalore South (both in Tavarekere Hobli) fetched. All the nine sites went at prices lower than what the Department quoted as expected price.
    Officials in the Department reasoned that Tavarekere Hobli was never quite high on prices. They added that considering that the winning bids were low,re-auctioning of the two sites was likely.
    “We have just held the auction. The acceptance or rejection of the final bid rests with the State government,” said Shantappa B C,Special Deputy Commissioner (Enforcement).
    Individuals, representatives of educational and healthcare organisations as well as builders — including Ranka International and North Gate — participated in the auction.
    Umrah Developers bagged four of the nine sites, a total of 26 acres and20 guntas,at a total bid of Rs17.23 crore.
    A survey number measuring 16 acres and 22 guntas in Singena Agrahara fetched the biggest price:Rs10.4 crore.
    The officials maintained that the Department had fixed an average price of around Rs 1 crore per acre,loosely based on the existing guidance values. The biggest stretch of land to come under the hammer —33 acres and 20 guntas at Yalachiguppe, Bangalore South — fetched a paltry Rs 2crore.
    Sites in green belt
    Of the nine survey numbers that went under the hammer, four are in the green belt. However, the Department chose to lookahead. “Even in the green zone,there are provisions to start units if they are related to certain fields, including health and education. In that case, the developer or builder can approach the BDA or the planning authority concerned, and change the land use,” Mr Shantappa said.
    The auctions will continue till April 30 (barring April 29, Sunday) at the Deputy Commissioner’s office on K G Road, from 11am.
    Thursday’s auction:total of 59 acres and 2.5 guntas in Bangalore East, North and North (Additional) Taluks.
  • #2


    Re : Recovered revenue land auction fetches low prices

    Auction of 45 acres of government land nets Rs. 41 crore on second day

    About two guntas of land in Jakkur village auctioned for Rs. 1.07 crore

    • Sobha Developers offers Rs. 4.60 crore for 1.12 acres of land at Sampigehalli
    • An individual bidder offers about Rs. 6 crore for two blocks of land

    Bidders participating in the auction of government land seem to have finally loosened their purses. After a stingy Wednesday, just over an acre of land in Jakkur fetched Rs. 8.80 crore on Thursday, the second day of auctioning.
    Although the first day of auction failed to meet the expected target, lands were priced much higher on the second day, and auction of 45.24 acres fetched the Government Rs. 41.84 crore, much higher than the guidance value.
    Almost all successful bids placed by the buyers on Thursday were higher than the guidance value fixed by the Government. Thirteen blocks of land that were recovered from encroachment in Bangalore East, North and North (Additional) taluks were auctioned on the second day. A total of 550 acres of land recovered from encroachments in Bangalore Urban district will be auctioned during the five-day auction (barring Sunday) that commenced on Wednesday.

    About 1.09 acres on survey number 101 at Jakkur in Yelahanka Hobli fetched the highest rate with Projin Developers succeeding in the bid with an offer of Rs. 8.80 crore. The guidance value has been fixed at Rs. 2 crore an acre by the Government. Another piece of land measuring about two guntas in survey number 101 at Jakkur fetched Rs. 1.07 crore, the highest bid made by S. Amar, an individual bidder, whereas the guidance value has been fixed at Rs. 2 crore an acre.
    Sobha Developers succeeded in their bid with Rs. 4.60 crore for 1.12 acres in survey number 30 of Sampigehalli in Yelahanka Hobli. The guidance value in the area has been fixed at Rs. 1 crore an acre.
    An official at the Legal Cell and Prevention of Unauthorized Construction told The Hindu that these lands fetched higher rate since the lands used had allowed formation of residential areas.
    Hill Land Developers offered the highest bid of Rs. 9 crore for 5.07 acres in survey number 115 at Chennasandra in Bangalore East taluk. B. Premnath Reddy, an individual bidder, succeeded in securing two blocks of land in survey number 8 at Hucchanapalya in Bangalore North. He succeeded in the bids by offering Rs. 3.91 crore and Rs. 2.41 crore for 11.05 acres and 5.07 acres respectively.

    Among the lands that received good response from the bidders were 10.11 acres in survey number 59 of Pillahalli that went for Rs. 5.06 crore, while the guidance value is Rs. 18 lakh an acre. Bangalore-based Umrah Developers which won four bids on Wednesday succeeded in getting two more on Thursday. It came up with the highest bid of Rs. 2.23 crore for 3.17 acres in survey number 36 at Kumbena Agrahara in Bangalore East and Rs. 1.75 crore for 2.24 acres in survey no. 56 at Doddabettahalli in Bangalore East. The guidance values have been fixed at Rs. 20 lakh and Rs. 60 lakh respectively.
    The protest against the auctioning of government lands continued for the second day in front of the deputy commissioner's office.


    • #3


      Re : Recovered revenue land auction fetches low prices

      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.


      • #4


        Re : Recovered revenue land auction fetches low prices

        Part of extra land to house govt offices

        Even as the Karnataka Government gets set to auction the 408 acres of excess land acquired for the upcoming international airport in Devanahalli, it is also allocating dedicated space to house government departments and offices. The government has earmarked 53 acres from the excess land for this purpose.
        The Karnataka State Industrial Investment and Development Corporation (KSIIDC) will undertake the development of the space. Government agencies and departments will be given space in the land. The Met Department, Customs Department, MSIL and BMTC will have office space here.
        Only the remaining part of the excess land will come under the hammer. The excess land will be auctioned in lots over the next one year. The development of the 53 acres would be taken up along with the ongoing work on the greenfield airport,that’s set for an April 2008 opening.

        Successful bidders at the auctions had to develop the land according to the Airports Authority of India (AAI) guidelines. KSSIIDC has already allotted about 27 acres to Karnataka State Tourism Development Corporation (KSTDC) for constructing a conference hall, hotel and other constructions. Connectivity issues with regard to the upcoming greenfield airport would be addressed by the road projects that are in different stages of completion. The Cabinet had earlier decided to constitute a sub-committee to monitor development of the 408 acres of excess land. The 408 acres are part of the around 2,000 acres acquired initially for the airport.


        • #5


          Re : Recovered revenue land auction fetches low prices

          guidance value

          what is the SR rate for yellow belt land in DEvanahalli ,bangalore


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