In a surprising turn of events during an online auction of residential plots by the Mathura Vrindavan Development Authority (MVDA), bids far exceeding base prices raised eyebrows. The auction, which commenced on Thursday, saw a total of eight plots that were put up for bidding. Among them was a 300 hundred square yard plot situated in Rukmani Vihar, Vrindavan, originally priced at Rs 60 lakh. However, during the electronic auction (e-auction), bids escalated dramatically, with the plot fetching an astonishing Rs 30 crore. This unprecedented outcome left MVDA officials visibly astonished, prompting them to investigate the underlying reasons behind such fervent bidding.
Upon reviewing the auction’s conclusion, MVDA officials were stunned to find that apart from plots valued at Rs 60 lakh commanding bids at Rs 30 crore, another 288 square metre plot fetched Rs 19 crore 11 lakh. Department insiders suggested that these exorbitant bids were strategically placed to disrupt the auction process, aiming to deter genuine buyers from acquiring the plots by driving prices beyond reasonable levels.
The bidding frenzy has also jeopardised the security deposits of participants. When participants apply for the auction, they were required to deposit a security amount. Failure to deposit the bid amount after winning would lead to forfeiture of this security deposit.
Special Officer Prasun Dwivedi emphasised that bidders who offered Rs 30 crore for plots valued at Rs 60 lakh had jeopardised their security deposits. He warned that if these bidders failed to fulfill their financial obligations, their security amounts would be confiscated. The auction for the remaining plots is scheduled to continue on Friday and on July 29 and 30.
The incident underscores the challenges faced by authorities in ensuring transparent and fair property auctions amid rising interest in real estate investments across India.
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