25 BDA shops in Valagerahali auctioned for Rs 8,000 per sqft
- Tue, 06 Feb 2018 16:48
The Bangalore Development Authority (BDA) auctioned the first batch of shops in Valagerahalli on Mysuru Road, West Bengaluru, on Monday.
The shopping complex was constructed last year on one-and-a-half-acres of land right next to the apartment block the BDA had built five years ago. It has 40 shops measuring between 150 square feet and 1,800 square feet. Twenty-five shops were auctioned for a 30-year lease period for Rs 8,000 per square foot. The BDA had received a total of 100 applications, an official said.
The good response has encouraged the agency to conduct more auctions. Thirty-five shops in Valagerahalli will be up for grabs on Tuesday while 40 stores in Halage Vaderahalli, Rajarajeshwari Nagar, will be auctioned on Wednesday, according to the official.
The BDA has adopted a different strategy in building commercial complexes. While it built standalone commercial complexes in localities such as HSR Layout, Indiranagar, Nagarabhavi and Koramangala earlier, it is now constructing shopping blocks near its apartment buildings on the outskirts of the city.
"We have decided to build commercial complexes near our own housing projects and auction the shops so that people can easily access them. Besides, these commercial complexes need less space compared to large shopping blocks, the official said. Buyers will have to form associations to manage them.
The money earned from the auction of shops will be used for the BDAs upcoming projects.Deccan Herald - City