Auction: Big properties turn out to be big gainers in Mohali
After facing a slump over the past year, the Greater Mohali Area Development Authority (GMADA) finally found buyers for nearly 20% of its properties, both commercial and institutional sites, in a 13-day e-auction that concluded here on Monday evening.
In the auction that was held after a gap of three months, nine of the 44 sites were sold in the auction and GMADA earned ₹405 crore against the total reserve price of ₹352 crore.
The bigger properties remained the big gainers, while there was no taker for 26 booths and five SCOs/SCFs in various sectors of Mohali.
A five-acre commercial site went for ₹176 crore against the reserve price of ₹173 crore. A five-acre group housing society in Sector 88 went for ₹132.3 crore against the reserve price of ₹92.44 crore. Two institutional sites (educational) of two acres each in Sector 88 were bought by a single party for ₹37.81 crore against the reserve price of ₹34.75 crore.
GMADA was also able to sell its four IT plots, ranging between half acre and five acres, in Sector 101 Alpha for ₹51.69 crore against the reserve price of ₹50.22 crore. Also, one booth in Sector 71 was sold for ₹70.93 lakh against the reserve price of ₹69.88 lakh. Meanwhile, a school site (2.77 acres) in Sector 80, with a reserve price of ₹23 crore, found no buyer.
GMADA chief administrator Pradeep Aggarwal said: “We got a good response for bigger sites. In the past two auctions, we were able to sell most sites, and its shows the real estate market is back on track.”
Sanyam Dudeja, director, Jubilee Real Estate Group, Mohali, said, “The fact that GMADA is being able to sell its bigger sites shows that the real estate boom is continuing in Mohali.”
In the last auction held in April this year, GMADA had sold 11 of the 44 sites on auction, and earned ₹301 crore. In another auction in February, it had earned ₹544 crore. However, in December last year, it could sell only 10 of the 78 properties on auction and earned ₹134 crore.