E-Paper
Mohali: GMADA to appoint independent valuers to reassess unsold properties
In GMADA’s last auction held in October, of the total 165 properties, only 72 were sold; among the remaining properties, many have remained unsold for the last five auctions
Mohali Acting on the directions of the Punjab government, the Greater Mohali Area Development Authority (GMADA) is in the process of appointing three independent valuers to assess the market value of properties that have remained unsold in two or more previous auctions.
In GMADA’s last auction held in October, of the total 165 properties, only 72 were sold. Among the remaining properties, many have remained unsold for the last five auctions.
Under the state government’s revised e-auction policy, the reserve price of unsold properties will remain unchanged till December 31, 2026.
A senior GMADA officer said, “We have already invited bids for appointing the three valuers, who should be empanelled with nationalised banks or the income tax department. The last date to apply was November 11. We will soon finalise the names, who will evaluate the unsold properties.”
He further said, the average rate reported by these valuers will form the basis for fixing the reserve price, after obtaining approval from the chief administrator of the respective authority. For the first implementation under this policy, the reserve price will remain effective till December 31, 2026, since only four months are left in the current financial cycle, he added.
On October 16, the Punjab government had issued a notification in this regard, stating that it has been done to simplify and streamline the process of fixing reserve prices for properties auctioned by development authorities. The amendment, issued with the approval of the governor of Punjab, seeks to ensure transparency and market-based pricing for residential, commercial, industrial, and institutional sites.
Authorities must also complete the reserve price fixation process for the following year by December 31 of the preceding year. The policy further specifies that if more than 50% of the plots in an area are sold, the average sale rate will be adopted as the reserve price for the next year.
Conversely, if less than 50% plots are sold, the average rate will be reduced by 10%, though not below the previous year’s reserve price. If a plot remains unsold throughout the year, the reserve price may be reduced by 10%, and if it continues to remain unsold, a further 5% reduction can be applied with the chief administrator’s approval.
The notification was issued following the advice of the finance department dated October 11, 2025, and the council of ministers’ decision taken on October 13, 2025. All other terms and conditions of the E-auction policy, as notified earlier on February 20, 2025, and June 4, 2025, will remain unchanged.
