GMADA e-auction: Only 9 of 61 properties in Mohali find takers

The 13-day e-auction, which ended on Thursday night, brought in 520 crore for GMADA, with the big properties on Airport Road, Mohali, 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 <span class='webrupee'>₹</span>192 crore against a reserve price of <span class='webrupee'>₹</span>152 crore. (HT File Photo)
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. (HT File Photo)
Published on Oct 16, 2021 04:11 AM IST
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ByHillary Victor, Mohali

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.

GMADA e-auction: Only 9 of 61 properties in Mohali find takers
GMADA e-auction: Only 9 of 61 properties in Mohali find takers

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.

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Friday, December 03, 2021