Limited Time Offer on Bangalore Property Sale!

April 26, 2007	(Be the first to rate this story!)  Loading ...
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You must have heard about sale on apparels, accessories, household commodities. But have you ever seen sale on properties? Or think about the real estate sale advertisements wooing you with the catchlines like Hurry! Limited Time Offer! Must Act Today! Interesting enough! Isn’t it? The prime properties in Bangalore are on sale and offers 80% off!

This was the catchline at the auction sale in Bangalore urban deputy commissioner’s office where they have put several plots on auction for unbelievable cheap prices. However, the auction has gone below the guidance value rates.

The shift indicates the long awaited correction in property prices to take place now. Or, it can be an organized cartel of land mafia which managed the show; the auction was a damp squib.

A plot of land spread over 30 in Tavarekee on Magadi Road fetched just Rs. 1.5 crore. It was bought by Ramajah Reddy for a mere Rs. 5 lakh per acre and he will register it at Rs 20 lakh an acre according to the guidance value.

Such auctions were to hold at the Income Tax Office as well because certain minimum values are fixed, here the auctions continued. The auction fetched a mere Rs. 24 crore for 102 acres of land.

Another 33.2 acres of plot in Tavarekere was sold out for Rs. 2 crore to Rosin Developers at Rs. 6 lakh per acre. The buyer will get it register at the cost of Rs. 25 lakh per acre. It is the guidance value. The sale price is less than a quarter of guidance value. However, the astonishing fact is that the guidance values of properties are higher than their market values.

Three pieces of land in Sarjapura Hobli measuring 2.1 acres, 3.04 acres, 16.2 acres were sold for Rs 1.71 crore, 3.04 acres for Rs 1.41 crore and Rs 10.4 crore respectively. In Jigani, two land plots were put for an auction: a 14 acres plot that fetch Rs 3.71 crore and a 2.2 acres plot which was sold for Rs 2.5 crore.

The lands put up for auction are government lands reclaimed from encroachments.

News Published Under:   Bangalore |

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