In its fourth auction this year, where 61 commercial properties were on offer, the Greater Mohali Area Development Authority (GMADA) managed to find buyers for only nine.
The 13-day e-auction, which ended on Thursday night, brought in ₹520 crore for the authority, with the big properties on Airport Road once again fetching more handsome bids.
A 5-acre commercial site in Aerocity proved to be the star property for GMADA, as it went for ₹192 crore against a reserve price of ₹152 crore.
Another big earner was a 6-acre housing society site in Sector 88, which went for ₹149 crore against a reserve price of ₹121 crore.
While two hospital sites were up for grabs, only one was sold. Priced at ₹33.5 crore, the 3.5-acre site in Aerocity raked in ₹48 crore for the authority.
Two institutional (education) sites were also on offer, but only one found a taker. The 2-acre property in Sector 88 earned ₹24.5 against a reserve price of ₹23.8 crore. The other site, in Sector 80, was priced at ₹28.7 crore. It has received no bids in any of the four auctions held this year.
The authority also sold two commercial sites of 1 acre each in Sector 68 at no premium to the reserve price of ₹40 crore each.
{{/usCountry}}The authority also sold two commercial sites of 1 acre each in Sector 68 at no premium to the reserve price of ₹40 crore each.
{{/usCountry}}While 24 SCOs, sizing 125 square metres, were available for purchase, only one was bought. Located in Sector 71 and priced ₹4.17 crore, it went for ₹4.25 crore.
Of the four IT plots on sale in IT City, two of 1.25 acres each were auctioned for ₹11.5 crore each against a reserve price of ₹10 crore.
GMADA chief administrator Vipul Ujwal said, “We were able to sell most of our bigger sites, which shows that the real estate market is bouncing back after a slump of almost one year.”
Even in the last auction held in August, GMADA had sold only nine of the 44 properties and earned ₹405 crore.
Before that, in April, the sale of 11 of 44 sites on auction helped it earn ₹301 crore. The year’s first auction in February had brought in ₹544 crore, while in the auction held in December last year, out of 78 properties, only 10 were sold for ₹134 crore.