Mohali: GMADA again fails to sell land near YPS protest site
Notably, during an auction in September last year, a 6.64-acre site in Sector 62, near the aforesaid land was sold for a staggering ₹527.11 crore to Phoenix Group under the name of its subsidiary Casper Realty Private Limited, well above the reserve price of ₹290.40 crore
The Greater Mohali Area Development Authority (GMADA) for the second time could not sell a chunk of prime land near YPS Chowk, which has been blocked by the Qaumi Insaaf Morcha since January 7, 2023. The GMADA earned a staggering ₹1,986.82 crore in revenue from the sale of 368 properties during an e-auction held from March 12 to 22.
According to sources, the developing authority did not get any bidder for the 6.30-acre commercial site in Sector 62, which has been encroached upon by the said protesters who have installed tents there.
While the participation fees for the said land was ₹5 crore, the reserve price for the same was ₹384.48 crore. Notably, during an auction in September last year, a 6.64-acre site in Sector 62, near the aforesaid land was sold for a staggering ₹527.11 crore to Phoenix Group under the name of its subsidiary Casper Realty Private Limited, well above the reserve price of ₹290.40 crore. This was said to be considered as one of the highest-ever bids for a single commercial chunk in GMADA auctions.
In the current e-auction, as many as 453 sites encompassing 406 residential plots in Mohali and New Chandigarh, 19 SCOs, 13 booths, eight mixed used, three commercial, two institutional and two hotel sites were up for grabs during the e-auction.
A total of 85 sites found no takers as no hotel, booths and school sites were auctioned. Besides this, five mixed-used properties, two commercials, 16 SCOs and 45 residential plots also went unsold.
Notably a few of these sites, including two school sites in Sector 80 and one near Ecocity-2, Sector 11, Block-A, New Chandigarh were included in the auction for a third time but these properties failed to get bidders this time too after failing to attract bidders in previous two auctions held in September and October due to high reserve price.
The reserve price of the 2.75-acre school site in Sector 80 was ₹ 37.25 crore and the reserve price for the other school site of 1.42 acre was ₹ 18.62 crore.
Two hotel sites in Sector 66-Beta, Block-B, IT city also went up for grabs for the third time but to no avail with a reserved price of ₹ 78.93 crore and ₹ 99.53 crore reserve price respectively.
The authority managed to sell a mixed-use-site spread over 18,223 sq mtrs in Aerocity for the highest ₹264.69 crore to Jalandhar based Gaurav Infra LLP.
GMADA sold another mixed-use-site (14,059 sq mtrs) in Aerocity for ₹189.36 crore to Springstone developers LLP.
The third property in the similar category (13766.74 sq mtrs), also in Aerocity, went to Krishna Infra projects for ₹188.14 crore.
Meanwhile, MGR trading company secured a commercial site in Sector 68 for ₹83 crore. In its last auction in October 2024 last year, GMADA had raked in ₹1,893.80 crore from the auction of 345 properties ahead of Diwali.
