Auction of 47 properties fetches GMADA record ₹1,935 crore

GMADA managed to sell 47 of 77 properties on offer through 18-day auction; at ₹1,476.8 crore, six housing society sites raked in most moolah

Returning with a realty auction after over a year, the Greater Mohali Area Development Authority (GMADA) has raked in a record ₹1,935.8 crore from the auction of 47 properties.

GMADA had last held an auction in January 2022, when it had earned ₹808 crore from the sale of nine out of the 21 properties. (Getty Images/iStockphoto)

As many as 77 properties of various categories were up for grabs during the 18-day auction that began on February 17 and concluded on Tuesday.

These included six group housing sites, one school site, one hotel site, one nursing home site, nine IT industrial plots, two commercial sites, and 57 SCOs and booths, located in Aerocity, Sector 83 Alpha, Sector 66 Beta, IT City, Sector 101 Alpha, among others.

Bringing in ₹1,476.8 crore of the total ₹1,935.8-crore revenue, six group housing sites in different parts of Mohali proved to be the star properties for the development authority.

Besides encouraging response to the auction of conventional group housing and commercial sites, the investors showed keen interest in IT industrial plots.

The authority had last held an auction in January 2022, when it had earned ₹808 crore from the sale of nine out of the 21 properties.

Giving details, Punjab housing and urban development minister Aman Arora said a group housing site located in Sector 83 Alpha, IT City, sized approximately 8 acres, received the highest bid of ₹325.59 crore among all properties.

Another group housing site in the same location and of the same size was auctioned for ₹293.49 crore.

Then a group housing site in Sector 88 went for ₹301.21 crore and another group housing site in the area was sold for ₹197.47 crore.

The minister said a group housing site of approximately 4.40 acres in Sector 66 fetched GMADA  ₹211.32 crore and another in the same sector ₹147.72 crore.

He said a commercial chunk of land in Aerocity received the highest bid of ₹203.80 crore, while a nursing home site in Sector 69 was sold for ₹13.94 crore.

Apart from these, the authority had also offered nine industrial plots at IT City and all of them found takers.

However, investors showed lukewarm response to SCOs and booths. Out of the total 19 SCOs, GMADA managed to sell only two, while 10 of the 38 booths remained unsold.

Besides, a commercial site near the World Trade Centre (WTC) on Airport Road also did not find a buyer.

Arora said the authority will issue allotment letters to the successful bidders on receiving 10% payment of the final bidding price, along with 2% cess. Possession of the sites will be handed over to the bidders after deposit of 15% of the final bid price.

Reacting to the successful auction, Bhupinder Singh Sabarwal, vice-chairman, Tricity Federation of Property Consultants, said, “Mohali’s realty sector is booming courtesy the availability of abundant land for setting up townships. Further, plenteous educational and medical institutions make Mohali a preferred living destination for people in Punjab and neighbouring states. Mohali is also fast emerging as an information technology (IT) hub and attracting not only big IT players, but also job seekers from across north India.”

“Facilities such as easy airport connectivity, and ample medical and education services make Mohali the most-favoured destination for developers as well as investors. Not only developers from Punjab, but those from Delhi, Gurgaon and Noida are also showing keen interest in the bidding process. Also, we are witnessing a rise in people leaving overpopulated and polluted cities, such as Delhi, and moving to the tricity area,” said AK Pawar, president, Mohali Property Dealers’ Association.