GMADA rakes in 808 crore from sale of nine properties in Mohali

A housing site in Sector 67, Mohali, proved to be the star property for GMADA in its fifth and last auction of 2021, bringing in 294 crore
Properties along Airport Road in Mohali have been finding more buyers in GMADA auctions. (HT File Photo)
Properties along Airport Road in Mohali have been finding more buyers in GMADA auctions. (HT File Photo)
Published on Jan 03, 2022 02:44 AM IST
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By, Mohali

In its fifth and final auction of 2021, Greater Mohali Area Development Authority (GMADA) earned 808 crore from the sale of nine properties.

As many as 21 properties were on offer in the 13-day e-auction that concluded on Saturday night. However, GMADA found no taker for eight booths and SCOs, two commercial sites in Sector 68, and a hospital and school site.

In October, the authority had earned 520 crore after selling nine of the 61 properties on offer.

In the latest auction, a housing site in Sector 67, measuring 12.6 acres, was the biggest gainer for GMADA, as it went for 294 crore against a reserve price of 283 crore.

A six-acre commercial site in Aerocity, priced at 207 crore, raked in 281 crore for the authority. Another group housing site in Medicity, New Chandigarh, measuring 5.6 acres, was sold for 125 crore against a reserve price of 106 crore.

Another big earner was a three-acre institutional site in Sector 88, as it brought in 33.63 crore against a reserve price of 23.80 crore.

Priced at 41.8 crore, a one-acre commercial site in Sector 68 was auctioned for 42.84 crore, while an industrial site in IT City, measuring 2.17 acres, was sold for 18.29 crore against a reserve price of 18 crore.

A half-acre site in IT City went for 8 crore against a reserve price of 5.7 crore.

The 13-day auction ended on Saturday night. (HT)
The 13-day auction ended on Saturday night. (HT)

Out of a total of 10 booths and SCOs, GMADA was able to sell two SCOs in Sectors 53 and 56.

Once again, there was no bidder for the school site in Sector 80, which was on sale for 28.7 crore.

GMADA chief administrator Vipul Ujwal said, “We were able to sell most of our bigger sites, which shows the real estate market is bouncing back after a slump of almost one year.”

Umang Jindal, CEO of Homeland Group, said looking at the trend over the past one year, most of investors were interested in projects on Airport Road.

In the 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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  • ABOUT THE AUTHOR

    Hillary Victor is a Principal Correspondent at Chandigarh. He covers Chandigarh administration, municipal corporation and all political parties.

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