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GMADA rings in Diwali with 1,893-crore from property auction

By, Mohali
Oct 31, 2024 08:18 AM IST

345 of total 394 properties on offer find buyers; sale of residential sites alone fetches GMADA a whopping ₹1,153 crore

The Greater Mohali Area Development Authority (GMADA) earned bumper revenue this Diwali by generating a staggering 1,893.80 crore from the auction of 345 properties.

GMADA sold plots in Sectors 63, 64, 65, 68, 69, 70, 71 and 78, Aerocity, Ecocity-1, Sector 82-A and 83-A, garnering maximum revenue from residential sites. (Getty Images/iStockphoto)
GMADA sold plots in Sectors 63, 64, 65, 68, 69, 70, 71 and 78, Aerocity, Ecocity-1, Sector 82-A and 83-A, garnering maximum revenue from residential sites. (Getty Images/iStockphoto)

As many as 394 sites, encompassing commercial, residential, institutional, SCOs, hotels, booths and IT plots, were up for grabs during the e-auction that was held from October 18 to 29 amid the festive season. While a sizeable 87.5% of these properties (345) found takers, 49 remained unsold.

In a significant boost for the Mohali real estate sector, GMADA reported an impressive 1,153 crore from the sale of 295 out of 298 residential plots alone, reflecting the growing appeal of Mohali as a prime realty investment destination.

GMADA sold plots in Sectors 63, 64, 65, 68, 69, 70, 71 and 78, Aerocity, Ecocity-1, Sector 82-A and 83-A, garnering maximum revenue from residential sites.

Moreover, the only group housing site on offer, located in Sector 78, fetched the authority 163.87 crore. The said site was bought by Banson Projects.

Commercial sites, SCOs in demand

The second biggest earning for the development authority came from selling four commercial sites in Sector 68 for 247.7 crore, with one each being auctioned to Rupinder Bath and Tiwana Nutrition Global Private Limited, and two going to MGR Trading Company.

Among them, a 0.84-acre commercial site in Sector 68 was the top seller, bringing in 66.39 for GMADA.

The authority also managed to sell as many as 26 out of the total 44 SCOs, earning 196 crore. An SCO in Sector 78’s Pocket-C went for the highest amount of 10.92 crore, bought by one Anmol Singh Kahlon.

A booth in the Phase 3B2 market, which was auctioned for a massive 7 crore against the reserve price of 2.38 crore during the last auction in September, was put up for auction again after the successful bidder failed to pay the amount.

The same booth this time was bought by Jasleen Kaur for 3.25 crore.

GMADA also earned a massive 70.27 crore from the auction of five out of total nine IT industrial plots in Sector 101 Alpha, while a petrol pump site in Sector 83-A brought in 31.16 crore.

Among the total hotel sites available, one in Sector 78 was auctioned for 33.47 crore, but GMADA could not find buyers for the other two sites in Sector 66-B, having a reserve price of 178 crore, and also four mix-use sites with reserve price of 2,285 in Aerocity and Sector 83.

In further disappointment, three school sites in Sector 80 and Ecocity-2 also received no bids.

Harjinder Dhawan, president of Mohali Property Association said, “The success of the e-auction is a great sign for the local real estate industry, especially the residential sector. The property prices have spiked by around 40% over the past four years. As Chandigarh and Haryana pay 5% stamp duty, Punjab should also reduce its stamp duty from 6% to 5%, which will give further fillip to the industry.”

Meanwhile, a senior GMADA officer commented that auctions during Diwali festivities generally garnered a good response.

In the previous auction, GMADA had raked in 2,505.45 crore by selling 35 of the total 50 properties on offer, having a total reserve price of over 2,048 crore.

The e-auction, which was held from September 6 to 16, featured a variety of properties, including six commercial chunks, three group housing sites, 16 SCOs, 22 booths, two school sites and a hotel site. Among them, 6.64-acre commercial site in Sector 62 was sold for a stellar 527.11 crore, well above the reserve price of 290.40 crore.

Along with this site, Mumbai-based Phoenix Group, which owns major malls in metropolitan cities like Mumbai, Bengaluru, Chennai and Delhi, among other places, had also purchased a 6.5-acre commercial site in Sector 62 for 363 crore, surpassing the reserve price of 284.09 crore.

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