Hope revives for realty as GMADA finds buyers for 50% of its sites in Mohali
After enduring a torrid time for more than a year, the Greater Mohali Area Development Authority (GMADA) finally saw half of its properties (both commercial and residential) getting buyers in its 15-day e-auction that concluded on Monday evening. The development authority sold 57 of its 113 sites and earned ₹417 crore against the total reserve price of ₹800 crore.
A residential plot of 500 square yards in Aerocity went for ₹1.93 crore against the reserve price of ₹1.4 crore, while a booth in Sector 61 went for ₹1.15 crore against the reserve price of ₹77 lakh.
GMADA after a gap of almost eight months auctioned 113 residential and commercial properties after slashing the reserve price by 10%. To attract more bidders, additional 10% off will be offered on full payment within 60 days. The last auction for these properties was held in February this year after a 20% cut in reserve prices, when 32 of the 67 units were sold.
Out of total 22 residential plots, GMADA auctioned 14 sites, while out of 32 booths, 28 were sold out. A hospital site in Aerocity went for ₹49 crore against the reserve price of ₹24 crore. A group housing society in Sector 77 went for ₹97 crore against the reserve price of ₹45 crore. Similarly, a commercial site in Aerocity measuring four acres went for ₹116 crore against the reserve price of ₹83 crore. GMADA also sold a one-acre IT site in Sector 83 for ₹8.5 crore against the reserve price of 6.37 crore.
However, there were no takers for a school site in Eco City and four hotel sites in various parts of Mohali.
GMADA chief administrator Pradeep Kumar Agrawal said, “We are satisfied with the auction result and it shows that the realty sector has picked up. We were able to earn ₹417 crore against reserve price of ₹800 crore. We are hopeful that in the next auction, we will be able to sell all our sites.”
Among the properties auctioned were 22 residential plots ranging from 100 square yards to 500 square yards and others located in Eco City 1 and Sectors 64, 61 and 56. The commercial units included 32 booths in Sectors 59, 60, 61, 63, and 65; six shop-cum-offices (SCOs)/shop-cum-floors (SCFs)/single-storey shops (SSSs) in Sectors 61, 53, 56 and 64. Seven IT industrial plots located in Sectors 83 and 101 and one hotel site in Sector 66-B with a reserve price of ₹12.7 crore were also listed.
“The auction has got a good response and now, we can hope that realty market will bloom again. We request GMADA to slash its reserve price more as it will help in healthy competition and help the development authority earn bigger profit,” said Shailander Anand, former president, Mohali Property Consultants Association (MPCA).