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4.6-acre housing project site in Sector 77 fetched for ₹100 crore
Since it is a prime location, we will be constructing the tallest towers of tricity there. We are hoping to start the construction work by next month, says Homeland Builders CEO Umang Jindal
Even though the Greater Mohali Area Development Authority (GMADA) earned ₹417 crore by selling almost half of its properties out of total 113 in the 15-day auction that concluded on Tuesday, another site of 4.6 acres meant for a housing project in Sector 77 was sold for a whopping ₹100 crore in a bid said to be the highest ever. The reserve price of the site was ₹68 crore.
The auction for this site went for nearly 14 hours as Delhi-based Homeland Builders bought the property after outbidding another developer from the national capital.
The site – sold for nearly ₹20 crore per acre – has been bought by the same company that built luxury flats in Sector 70 and is also coming up with Homeland Unity Mall in Sector 67.
The site is located on the 200-metre wide Airport Road in Sector 77 and is close to the district administrative complex in Sector 76.
Homeland Builders CEO Umang Jindal said, “There was a tough fight for the site, which went at a price about 100% times higher. Since it is a prime location, we will be constructing the tallest towers of tricity there. We are hopeful to start the construction work by next month. We are planning to build at least 276 flats at the site that also falls in the vicinity of the famous Gurdwara Singh Shaheedan, Sohana.”
The amount, though earned from just one bid, is also the highest revenue the developing authority has generated during an auction from a group housing society.
Mohali, particularly its peripheral areas of Zirakpur, Kharar, and New Chandigarh (Mullanpur), has been the tricity’s development hub in the recent past. Since last year, with GMADA-led IT City and Aerocity projects, Airport Road too is coming up as a prominent realty destination.
