GMADA to auction 65 properties in Mohai by September end
Amid Covid-19 pandemic, GMADA to try auctioning both residential and commercial plots.Updated: Sep 03, 2020, 01:34 IST
Trying its luck amid the Covid-19 pandemic, the Greater Mohali Area Development Authority (GMADA) will hold an e-auction of 65 residential and commercial properties by the end of September after slashing the reserve price by 10%.
The last auction was held in February when the authority had decreased the reserve price by 20% and managed to sell 32 of the 67 properties. Thereafter, GMADA planned another auction from July 21, but postponed it amid the rising Covid-19 cases.
“We have not decided the date yet, but will be holding the auction in September itself. The reserve prices will be finalised soon after 10% reduction. We are hopeful of getting a good response this time,” said Sanjeev Kumar, estate officer of GMADA.
The 65 proprieties on offer include 16 residential properties, with plots ranging between 100 and 500 square yards. These are located in Eco City-1, Sector 64, 61 and 56.
As many as 25 booths to be auctioned are in Sectors 59, 60, 61, 63 and 65. Six SCO/SCF/SSS are located in Sectors 61, 53, 56 and 64. Seven IT Industrial plots are in Sectors 83 and 101.
Besides this, a hotel site in Sector 66-B, one school site in Eco City-1, three group housing sites — one in Sector 66 and two in Medicity, will also be on offer.
“Due to recession, we had been demanding slashing of the reserve price. Though the 10% reduction in prices will evoke good response, GMADA should go for an open auction instead of e-auction for a healthy competition,” said Shailander Anand, former president, Mohali Property Consultants Association (MPCA).
What GMADA sold in February?
In the auction held in February this year, 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.
An SCO of 100 square metres went for Rs 4.33 crore against the reserve price of Rs 3.60 crore. Besides, an industrial plot of 20,882 square metres was sold for Rs 32 crore against the reserve price of Rs 28 crore.
GMADA had also auctioned 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.
A booth in Sector 68 measuring 18.96 square metres was sold for Rs 1 crore against the reserve price of Rs 83 lakh.