The Greater Mohali Area Development Authority (GMADA) is failing to cash in on the ‘green-shoots’ of revival in the realty market as only nine of 25 sites it put up for auction found takers on Thursday. GMADA had offered 31 sites, of which six were withdrawn due to some technicalities.
“The real estate market is looking up for genuine buyers, but there is no scope for speculative buying. The market is demand-driven, If you are looking for big returns, it is not the time to sell property,” said SS Walia, president, Mohali Property Consultants Association. He added, “A cartel of financiers are into speculative buying and they are pushing up prices in pockets like the IT City and Sector 88, even though there is no development there.”
“The focus in on properties around the airport road due to the development taking place there with slight appreciation in rates. Commercial property is also rather more in demand here,” said property consultant Harpreet Sharma.
“The market is on path of recovery, but sales are yet to pick up. The scenario in SAS Nagar is still better than Panchkula and Chandigarh as there are buyers looking for good property,” said Ashok Jha, a property consultant.
“There is no scope for speculative sale as the real estate is on path of correction in terms of prices. The market is looking up for end users only,” said Ashok Goyal, former president MPCA. “We have been able to sell nine properties and that is good enough. The market for commercial properties in vicinity of Purab Apartments is looking up. People have started moving in, indicating a revival of confidence of investors,” said Sukhjit Pal Singh, additional chief administrator, GMADA.
NO TAKERS FOR SCHOOL SITES
GMADA had offered two school sites — one each in Eco City and Sector 77 — but there were no takers. The school site in Eco city carried reserve price of Rs 31.83 crore with the Sector 77 reserve price kept at Rs 16.16 crore.
BOOTHS NEAR PURAB APARTMENTS GOT TAKEN
GMADA sold six built-up booths out of 8 built up booths in vicinity of Purab apartments in sector 88, SAS Nagar. While only one booth on three was sold in Sector-61.
GMADA EARNS RS 4 CRORE
Greater Mohali Area Development Authority (GMADA), earned Rs 4 crore in the auction held today at Community Centre, Sector-70. Residential plot number 913 (park-facing) located in Sector-65 that had a reserve price of Rs 1.37 crore went for Rs 1.45 crore. Of the five residential plots auctioned, two were sold.