mangalore today
Wednesday, April 01


100 sq ft shops in rural area auctioned for over Rs one lakh rent ?

100 sq ft shops in rural area auctioned for over Rs one lakh rent ?

Mangalore Today News Network

Mangaluru, June 30,2017:  High rents for commercial spaces in a city is natural. But  in stark contrast a few shops in the Panchayat building belonging to  Belma Panchayat at Deralakatte were auctioned for  very high prices much to the surprise of many.

fish market

A chicken stall measuring 100 square feet was auctioned for a whopping monthly rent of Rs 1,66,500 while a fish sales outlet  was auctioned for a rent of Rs 1,12,000 in the auction held on June 28.

The Panchayat which used to earn an annual revenue of Rs 6.5 lakhs from the rent of 31 shops will henceforth get an annual revenue of Rs 1.5 crores from the 28 shops auctioned on Thursday. Incidentally, the auction process was not held for the past several years and the rent of the shops used to be hiked marginally every year. This time however as pressure grew to auction shops the   auction was planned eight months ago itself. But  the scheduled auction had to be cancelled  thrice in the wake of the opposition of some s shopkeepers.

 However on Thursday the auction was held amid police protection. 

 The chicken stall which earlier fetched a revenue of Rs 3,000 with a space of just 100 square feet was auctioned for a staggering Rs 1,66,500  with Adkare resident Hyder winning the bid. The fish shop which earlier fetched a rent of Rs 2,160 was auctioned for Rs 1,12,200  with Manjanady resident  Ibrahim winning  the bid.

Write Comment | E-Mail | Facebook | Twitter | Print
Comments on this Article
Shrikanth Pai, Belthangady Fri, June-30-2017, 3:12
The one who has purcahsed on auction will have the confidence to earn more than the rent else he will be in street . Rent seems to be high
Carol Periera, Mysore Fri, June-30-2017, 3:07
It is just unbelievable .What has to be his income?
Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment
You have characters left.
Security Validation
Enter the characters in the image above