September 20, 2025

Mysuru is buzzing with big news from the Mysuru Development Authority (MDA)! A chic 745 sq ft corner plot in the posh Vijayanagar IV Stage area was up for grabs and drew a shocking bid of Rs 2 crore—way above the base price of Rs 59.6 lakh. But drama unfolded when the highest bidder did not complete the deal. MDA’s in-charge commissioner, KR Rakshith, confirmed to TOI on Thursday, "The allotment was cancelled as the bidder failed to pay 25% of the bid amount to buy the plot within the deadline." The bidder shared a personal loss—the passing away of a family member—as the reason for missing the deadline. Now, this sought-after plot will hit the auction block again soon! Meanwhile, the excitement doesn’t stop there. Another big player — a huge 4,133 sq ft commercial corner plot in the same swanky locality — is moving ahead fast, with the bidder already paying 25% of the whopping Rs 8.6 crore quoted price. This bid is nearly three times the reserved price, truly defying gravity! Overall, 108 lucky bidders have paid their 25% bid amounts in this buzzing auction block last August. Out of nearly 200 corner and intermediate sites offered, MDA has successfully sold 114 plots through an online auction platform. However, six bidders failed to pay their dues, and their plots are back on the auction list. MDA had initially set a floor price between Rs 6,500 and Rs 8,000 per sq ft. That’s some serious cash! The auction also saw cancellations for 45 sites that attracted only a single bidder, keeping the competition fierce. A local developer gave us the insider scoop, saying, "The recent auction set a new benchmark, leading to a surge in property values within the colony." Clearly, Mysuru’s property market is heating up, and the game is on for those eyeing premium plots in Vijayanagar. Will the next auction bring even more fireworks? Stay tuned!

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Tags: Mysuru development authority, Real estate auction, Vijayanagar property prices, Property auction, Land allotment, Mysuru,