Allottee fails to pay auction quote price, loses Mysuru site | Mysuru News

Mysuru: Mysuru Development Authority (MDA) has cancelled the allotment of a 745sqft corner plot in upscale Vijayanagar IV Stage in west Mysuru as the bidder failed to turn up to complete the formalities. The bidder had quoted Rs 2 crore against the base price of Rs 59.6 lakh.MDA in-charge commissioner KR Rakshith confirmed to TOI Thursday that the allotment was cancelled as the bidder failed to pay 25% of the bid amount to buy the plot within the deadline. The bidder said he couldn’t complete the process due to the loss of a family member, the commission revealed. The plot will go on auction again, the officer stated.Interestingly, the sale of another site – a 4,133sqft commercial corner plot in the same locality – has gone to the next level with its bidder paying up 25% of the Rs 8.6-crore quote. This valuation, too, is gravity-defying and is almost thrice the reserved price.In all, 108 bidders paid 25% of the bid money in this block of auction conducted by MDA in August. Of nearly 200 corner and intermediate sites, MDA sold 114 through an online auction. Six bidders did not pay the required money, and all these six plots are back for auction. MDA had set Rs 6,500 to Rs 8,000 per sqft as the floor price.Proceedings with respect to 45 sites which had a single bidder were also cancelled.A developer said the recent auction set a new benchmark, leading to a surge in property values within the colony.