At R20 crore an acre, GMADA strikes gold at first attempt | chandigarh | Hindustan Times
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At R20 crore an acre, GMADA strikes gold at first attempt

First time lucky! That is how one can describe Greater Mohali Area Development Authority's (GMADA) first auction of a housing project site. The authority sold a 4.6-acre site for a housing project in Sector 70 for a whopping R98.31 crore here on Wednesday.

chandigarh Updated: May 09, 2013 00:00 IST
HT Correspondent

First time lucky! That is how one can describe Greater Mohali Area Development Authority's (GMADA) first auction of a housing project site. The authority sold a 4.6-acre site for a housing project in Sector 70 for a whopping R98.31 crore here on Wednesday.

The site - sold for nearly R20 crore an acre - was bought by a Delhi-based developer during an auction at the Punjab Urban Development Authority (PUDA) bhawan in Sector 62.

The amount, though earned from just one bid, is one of the highest revenue the authority has made during an auction in the past 10 years. Delhi-based Homeland Builders bought the site after outbidding three others. The site is located on the 200-metre wide airport road in Sector 70 and near the site of a proposed Metro station.

Speaking to mediapersons, Vishnu Goyal, one of the directors of Homeland' Builders, said they plan to construct 276 flats at the site that also falls in the vicinity of the famous Gurdwara Singh Shaheedan.

The auction has also come as good news for estate agents. Shalinder Anand, the chairman (coordination) of Mohali Property Consultants' Association, said it was a good sign for the real estate market. He said the site was sold at a reasonable price. “The housing sector in SAS Nagar has attracted a lot of investors in recent years.

We are happy that the site has been sold at a reasonable price,” he said. In the last auction of commercial sites on November 2 last year, GMADA had earned Rs 48 crore by selling 18 commercial sites.