Bangalore: In an auction conducted recently, the Bangalore Development Authority, got a whopping  Rs 2,13,600 per sq metre for a residential corner plot in Jayanagar T Block, the  base price of which was Rs: 1 Lakh per sq. Mtr. The 1900 sq. ft. plot bearing no. 1430, a residential corner site in Jayanagar 4 ‘T’ block went for a  humungous Rs: 3.77 Crore.

With this transaction, Jayanagar 4th T Block is on par with the central business district areas such as MG Road, Residency Road and the price comes in the bracket of Vittal Mallya Road (earlier Grant Road), where the realty commands Rs 18,000-Rs 20,000 per sqft .

Plot number 1430 stands at the corner of 39th cross and 22nd main of Jayanagar 4 ‘T’ block and is among the few sites without construction. The property is close to Bangalore Central Mall, has easy access to BTM Layout ring road and further ahead, Bannerghatta road and towards MG road via Dairy circle, Kanakapura road, Jayanagar 9th block market, eateries, educational institutions like Sudarshan Vidya Mandir, RV College, Swagath-Garuda Mall and also the Jayanagar 4th Block shopping complex.

The normal rate in the area is around Rs 10,000-13,000 per sqft, whereas the successful bidder bid Rs: 19000 odd per sq. ft.

“Where do you get residential plots in such areas now? A 1,900 sqft site is a steal in a place like ‘T’ block. But we did not expect it to go for Rs 19,000-odd. This shows that the demand for plots is still high even in the age of housing complexes and gated communities,” said a BDA official who was overseeing the auction.

Last year, in a similar auction, a site in HSR Layout, Sector III went up for Rs 17,000 per sqft which was the highest in 2013. The demand for BDA sites will always be high, considering the clear titles, officials said.