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Mohali: Home plot rates dip, but GMADA still a big gainer in latest auction
Greater Mohali Area Development Authority raked in ₹961 crore from sale of 65 of 167 sites on offer in its latest auction; commercial rates remain on par
In a mixed trend for Mohali’s property market, GMADA’s latest e-auction witnessed a marginal dip of around 2% in residential property rates compared to the last auction in June this year, even as the authority managed to sell more sites.
The Greater Mohali Area Development Authority (GMADA) had put up for sale 167 properties, including 20 residential, 99 commercial and several institutional properties.
As the auction concluded on Monday, 65 sites found takers, generating a staggering ₹961 crore for GMADA. Though this fell short of the reserve benchmark of nearly ₹11,000 crore, it marked a massive improvement from June’s auction, which had brought in just ₹136 crore from the sale of 17 properties.
However, residential plot rates took a slight slide between the two auctions.
A 500 square yards plot in Sector 65 that had fetched ₹6.87 crore in June, against a reserve of ₹6.35 crore, this time brought in ₹6.74 crore against a reserve price of ₹6 crore — a decline of around 2%.
Similarly, a 181 square yards plot in Sector 68 was sold for ₹3.24 crore against a reserve of ₹3.19 crore, compared to ₹3.26 crore in June.
Commercial properties, however, held steady, with most rates remaining on par with those recorded in the previous auction.
Among commercial sites, mixed land-use plots in Aerocity attracted strong bidding. Block-E (6.28 acres) fetched GMADA ₹376 crore against a reserve of ₹369 crore, while Block-D (6.28 acres) went for ₹270 crore against a reserve of ₹264 crore.
For the first time, GMADA also auctioned Shop-cum-Offices (SCOs) and shops in Sector 78. An SCO sized 166 square yards was sold for ₹8.48 crore against a reserve of ₹7 crore, while a 60 square yards shop witnessed aggressive bidding, closing at ₹3.76 crore against a reserve of just ₹83 lakh. In total, 27 SCOs found buyers.
Some categories drew no interest at all, including two petrol pump sites, nine hotel sites, six school sites and seven out of nine mixed-use sites, indicating investor caution in certain sectors.
A senior GMADA official, meanwhile, said the response was encouraging as 65 of the 167 properties on offer were sold: “There was not much variation in residential and commercial rates compared to the June auction. We will hold the next round around Diwali.”
Shalinder Anand, former president of the Mohali Property Consultants’ Association, attributed the subdued demand to steep reserve prices and a saturated market. “The reserve rates are too high, and similar plots are available in the open market at lower prices,” he remarked.
In the June auction, GMADA had sold only 17 of the 72 properties offered, generating ₹136 crore. The highest bid then was for a 4.02-acre school site in Ecocity-2, which raked in ₹59 crore against a reserve of ₹57.9 crore.
