30 GMADA sites to go under hammer on December 29 | punjab$chandigarh | Hindustan Times
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30 GMADA sites to go under hammer on December 29

punjab Updated: Dec 19, 2015 11:53 IST
Shailee Dogra

Hoping for its cash register to ring, Greater Mohali Area Development Authority (GMADA) is all set to auction 30 commercial and two school sites in SAS Nagar on December 29.

Though the response to the last two auctions was lukewarm, GMADA is optimistic this time especially because it has reduced the reserve price of most of the sites by 10 to 20%, depending on the location.

Two school sites one each for Ecocity (Phase 1) and IT city would go under the hammer, along with a commercial chunk in the Aerocity. Apart from this, 29 commercial properties like shop-cum-offices, bulk material market, single-storey shop, built-up booth in different sectors would be auctioned on the said day.

Investors, however, feel the authority’s rates were still on the higher side.

GMADA chief administrator (CA) AK Sinha said, “We rationalised the rates to bring them on par with the market. We are hoping for a get good response because of their location.”