Mysuru Development Body To Auction 200 Premium Sites
Mysuru Urban Development Authority (Muda) is expecting to raise Rs 400 crore by auctioning off 200 premium sites and houses within its jurisdiction, thereby covering almost half of its total budgetary allocation of Rs 853 crore. While the move will help generate funds for Muda, it has drawn flak from some quarters. Adish Sagar from Mysore Realtors’ Association said since the urban development body was unsuccessful in creating new layouts, it started selling off its premium sites in layouts it had developed earlier. This has now turned out to be the primary source of revenue for Muda, he said. Chairman of the urban body, HV Rajeev, said after allotment of sites to private players, some buyers either failed to pay or they failed to meet the criteria set by Muda for distribution of the sites, which led to cancellation of allotments. These cancelled allotments were being redistributed by the govt. Sites that were priced at just Rs 8,000 decades back are today selling for Rs 1 crore. Reserved for raising capital to fund future Muda projects, have now turned out to be a prime source of revenue for the civic authority. The 200 sites, all intermediate are in various layouts across Mysuru for auctioning. Once the sub-registrar’s office provides encumbrance certificates, the process will start. There is no land for development of new layouts. Even joint ventures and site-sharing have been hit because of non-availability of large chunks of land, while private developers have blocked lands by paying heavily to the landlords. Given such a situation Muda is left with no option but to auction off sites that are still with them.
Tags : Mysuru Urban Development Authority HV Rajeev urban development body Mysore Realtors’ Association