E-Auction For 308 sites Of Bangalore Development Authority Begins Today; Know The Terms And Conditions Here

The last date for closing of the auction is between August 6 and August 12 for the sites with 6 pm being the deadline for all sites. The bidding has begun at 11 am.

Bengaluru: A total of 308 corner sites spread across the Bengaluru city are being e-auctioned today, marking the second phase of the sale of these coveted sites. The live bidding has begun at 11 am. Those interested to register must pay Rs 4 lakh per site as earnest money deposit (EMD). ALSO READ|HDFC Bank's Net Profit In First Quarter Of FY21 Jumps 20% At Rs 6,658 Cr; Loan Growth Boosts NII By 18% The processes in connection with the auction kickstarted on July 14. Areas where sites are being auctioned Sites will be auctioned in the following areas: Banashankari VIth Stage 1st Block, 4th Block, 11th Block, Sir M Visveswariah Layout 2nd Block, 3rd Block, 4th Block,  5th Block, 6th Block, 7th Block,9th Block, further extension Sir M Visveswariah Layout 8th Block, Banashankari VIth Stage, 6th Block, 9th Block, 10th Block, further extension of Anjanapura Layout 9th Block, 11th Block, further extension of Anjanapura 5th Block G, Anjanapura Township Layout 2 Block, 5th Block, and 8th Block. The initial bid price for the sites range between Rs 39,000 per square metre (Sir M Visveswaraiah Layout 2nd Block & 4th Block) and Rs 58,370 per sqm (Banashankari 6th Stage, 11th Block). The last date for closing of the auction ranges on a specific date between August 6 and August 12 for the sites with 6 pm being the deadline for all sites. The closure date is being staggered for the sites, following the collapse of the server during the final 20 minutes on the last day, during the first round of auction of 195 sites on July 7. It had to be extended for three days after that. Auction to be done in 5 phases According to BDA, the auction will take place on the portal: https://eproc.karnataka.gov.in.The auction will be done in five phases. Sites with serial numbers 1 to 75 will be auctioned on August 6, 76 to 127 on August 7; 128 to 191 on August 8; 192 to 254 on August 11 sites from 255 to 308 will be auctioned on August 12, 2020. Geo-tagged sites This is the first time that the sites have been geo-tagged which implies that one can sit in any corner of the world and use google maps to understand the exact location of the site and its dimensions. Terms and Conditions Among the terms and conditions is a refundable deposit of Rs 4 lakh to be deposited; If one is successful in the bid, 25% of the site cost needs to be remitted within 72 hours after deduction of the initial deposit and 75% needs to be paid within 45 days after receiving the allotment letter from BDA.  Five minutes of delta time will be given after the last bid is placed, said a notification. All details on these sites can be obtained from bdabengaluru.org