GMADA goes for 2nd auction this year, sells 26 of 53 sites | chandigarh | Hindustan Times
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GMADA goes for 2nd auction this year, sells 26 of 53 sites

chandigarh Updated: Sep 27, 2014 10:47 IST
Jyotsna Jalali

The Greater Mohali Area Development Authority (GMADA) got a shot in the arm after it succeeded in selling as many as 26 of the 53 sites it put on auction on Friday.

GMADA had held its first auction of properties this year in June. With it succeeding to fetch Rs 74.67 crore against Rs 60.25 crore, the total reserve price of the sold properties, there seems to be a boom in the property market, at least for GMADA.

The auction got a good response after GMADA made the auction prices competitive with the market rates.

It was the 3.29 acre school site in Sector 78 that fetched the maximum amount of Rs 16.15 crore against the reserve price of Rs 15.93 crore.

The Shivalik Education Society bought the site.

Then, it were the shop-cum-offices (SCOs) in Sector 79 and Sector 80 which got a good response and were sold for Rs 7.61 crore and Rs 7.5 crore, respectively. The reserve price for the two SCOs measuring .059 acre was Rs 6.8 crore.

GMADA had reduced the reserve price keeping in mind the recession in the property market.Before holding the auction this time, GMADA officials had held a meeting with the property dealers in the city to discuss the reserve prices of sites to be auctioned.

GMADA chief administrator (CA) AK Sinha said, “We rationalised the prices and made them competitive with the market rates. Also, we had put to auction a couple of new sites which drew a good response because of their location and reserve price.”

Also, four shop-cum-flats (SCFs) in Sector 64 were sold immediately. While the reserve price for SCFs was kept at Rs 2.64 crore, they fetched Rs 4.6 crore, Rs 4.5 crore, Rs 3.89 crore and Rs 3.85 crore. Property dealers in the city too were content with the auction.

Shalinder Anand, former president SAS Nagar property consultants association, said, “The property market has beenslipping and the results of this auction are definitely going to give a boost to this.”