The recent revision of property guidance values is poised to affect the pricing dynamics of corner and intermediate sites available for auction through the Mysuru Urban Development Authority (MUDA). While authorities have indicated that the quantity of auctioned sites won't be significantly affected, they acknowledge the likelihood of a slight price increase.
In a recent auction organized by the urban body, approximately 100 sites were listed for sale. Notably, the base price for two corner sites in Vijay Nagar IV stage was established at Rs 3.5 crore and Rs 2.9 crore, while four intermediate sites were priced at Rs 1.6 crore.
However, real estate experts have pointed out that the market price for sites in the same locality is significantly higher, ranging from around Rs 4.5 to 5,000 per square foot.
The adjustment in guidance values is expected to introduce changes in the pricing landscape, potentially influencing the cost of properties in the region. While the impact may not be drastic, it underscores the importance for prospective buyers and investors to stay informed about these property value fluctuations during MUDA's auctions.
