GMADA to auction residential plots in Sector 70 for ₹81,000 per sq yard

The size of plots ranges from 250-500 square yard and the reserve prices ranges from ₹33,000- ₹81,000 per square yard. This means, a plot of 500 square yard in Sector 70 will come to ₹4.4 crore

The Greater Mohali Area Development Authority (GMADA) is all set to e-auction 90 of its properties, including residential and commercial areas, from September 1 to 10. The reserve price of plots at Sector 70 is ₹81,000 per square yard, and in Eco City the reserve price of residential plots is ₹33,000 per square yard.

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The sites includes, 33 residential sites, 21 booths, 14, shop-cum-offices (SCO)/shop-cum-floors (SCF)/single storey shops (SSS), 11 industrial sites, one commercial site in Sector 68, three hotel sites in Sector 66B, three industrial plots in Rajpura, one petrol pump site in Aerocity and three EWS (commercial sites) in TDI City.

The residential sites are located in Sector 56, 59,60, 61, 63 to 65, 68, 71, 77-80, and Eco City-1. The size of plots ranges from 250-500 square yard and the reserve prices ranges from ₹33,000- ₹81,000 per square yard. This means, a plot of 500 square yard in Sector 70 will come to ₹4.4 crore.

The booths are located in Sector 54, 56, 59-61, 64, 65, 68 and 71. The reserve price ranges from ₹2.62 lakh- ₹5.69 lakh per square metres, while the size ranges from 18.96-38.81 square metres.

The SCO, SCF and SSS are located in Sectors 61, 63, 67, 69, 70 and 71 with the size ranging from 105-202 square metres and the reserve price ranging from ₹3.35 lakh to 5.32 lakh square metres, depending on the location of the site.

The IT Industrial sites are located in Sectors 83 (Alpha) and 101 (Alpha). GMADA is yet to calculate their reserve price.

A spokesperson of GMADA said, “We are hopeful that it will be a successful auction as the bidders have choice to own property of their interest as well as location. We will upload details of the auction on the official website, puda.e-auctions.in.”

Shalinder Anand, former chairman of the Mohali Property Consultant Association of Mohali, said, “There is recession in the market. Moreover, the reserve price of GMADA is quite high. The same property in open market is available for much lesser amount.”

“GMADA has not even given possession in IT and people are suffering as construction charges are rising,” he said.