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Home / Cities / GMADA returns with e-auction of properties after four months

GMADA returns with e-auction of properties after four months

Online auction for residential and commercial properties will be held from July 1 to 10

cities Updated: Jun 05, 2020 21:16 IST
Hillary Victor
Hillary Victor
Hindustan Times, Mohali

Last held four months ago, the Greater Mohali Area Development Authority (GMADA) will hold the e-auction for residential and commercial properties from July 1 to 10.

The authority had last conducted an auction in February, after a gap of three months, and had managed to sell just 32 of the 67 properties, despite slashing the reserve price by 20%.

A senior officer of GMADA said though the exact number of properties to be auctioned had yet to be calculated, most of them were in three group housing societies in IT City, Sector 66 and Medicity. Besides, a school site in Eco City, a nursing home site in Sector 69 and a petrol pump site in Medicity, New Chandigarh and 13 residential sites in Eco-City will also be up for grabs.

Of the 32 properties sold in February, 15 were residential, six booths and SCOs, eight commercial sites in Sectors 83 and 101 and three hotel sites in Sector 66-B, fetching GMADA a total revenue of Rs 234 crore.

Among the 15 residential sites auctioned, a 352 square metre plot in Sector 65 had gone for the highest price of Rs 1.93 crore against a reserve price of Rs 1.85 crore. GMADA had also sold three hotel sites in Sector 66-B. Two of them sized at 8,134 square metres each were sold for Rs 25.8 crore. They had a reserve price of Rs 25.53 crore each. The third one, at 16,228 square metres, was auctioned for Rs 51 crore against a reserve price Rs 50.94 crore.

Besides, an industrial plot of 20,882 square metres was sold for Rs 32 crore against the reserve price of Rs 28 crore.

“Due to recession, GMADA should slash the reserve price further and advertise the auction on unipoles for a good response this time. However, an open auction will encourage better competition and could help GMADA earn more,” said Shailander Anand, former president, Mohali Property Consultants Association (MPCA).

GMADA additional chief administrator Rajesh Dhiman said they were hoping for a better response this time as the auction was being held after four months.

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