Greater Mohali development authority sells 45% sites in e-auction
After a torrid time over the past year, Greater Mohali Area Development Authority (GMADA) saw nearly half of its properties, both commercial and residential, finding buyers in a 15-day e-auction that concluded on Monday evening.The authority sold 31 of the 70 sites on auction, and earned ₹544 crore against the total reserve price of ₹794 crore. All commercial sites were sold at Aerocity
In the previous auction held in December last year, out of 78 properties, only 10 were sold for ₹134 crore.
A commercial site of 10.2 acres in Aerocity went for ₹310 crore against the reserve price of ₹305 crore, while a residential plot of 1,000 square yards in Sector 78 went for ₹5.55 crore against the reserve price of ₹3.3 crore. A 1-acre petrol pump site in Aerocity went for ₹22 crore against the reserve price of ₹17 crore.
Of eight IT plots in Sectors 83 Alpha and 101 Alpha, seven were sold, with one measuring 10,502 square yards going for ₹14.35 crore against the reserve price of ₹14.07 crore.
Out of 27 booths in various parts of the city, only one in sector 54 found a buyer. It was sold for ₹86 lakh against the reserve price of ₹83 lakh. There were no takers for a school site in Eco City and a group housing society in Sector 67.
“It was a successful auction and shows the realty market is reviving. We are hopeful that in the next auction, we will be able to sell all our sites,” said Pradeep Aggarwal, chief administrator, GMADA.
Shailander Anand, former president, Mohali Property Consultants Association, also expressed satisfaction over the auction. “The response was good, and now we can hope for a boom in the realty market. We request GMADA to slash its reserve price further as it will generate a healthy competition and help it earn bigger profits,” he said.
Draw of lots for 289 plots in Eco City-2 on Feb 22
GMADA will also be holding a draw of lots for 289 residential plots at Eco City-2, New Chandigarh, on February 22. GMADA had launched the scheme in December last year.
An official spokesperson said the list of eligible applicants has already been uploaded on gmada.gov.in and the draw of lots will be held on Monday at the community centre, Purab Premium Apartments, Sector 88, Mohali, at 11am.
He informed that the results of the draw will be uploaded on the official website on February 23. Notably, GMADA had offered residential plots in size of 200, 300, 400, 450, 500, 1,000 and 2,000 square yards.