Slight dip in 1-kanal plot price as Gmada nets Rs 961cr in e-auction
A one kanal (500 square yard) residential plot in Sector 65 was sold for Rs 6.74 crore against a reserve price of Rs 6 crore, slightly lower than the Rs 6.87 crore fetched in June for a similar plot whose base price was Rs 6.35 crore. Other one-kanal plots in the latest auction went for prices ranging between Rs 5.6 crore and Rs 6.87 crore, depending on their location. A 60-square-yard shop went for a surprising Rs 3.76 crore, against a reserve of just Rs 83 lakh.
Despite the minor correction in residential rates, Gmada recorded a massive jump in overall earnings compared to Rs 136 crore in June, when only 17 properties found buyers. This time, 65 out of 167 properties on offer were sold—a response termed "satisfactory" by Gmada chief administrator Vishesh Sarangal, who expressed optimism about better participation in upcoming auctions.
However, industry experts pointed to muted sentiment in certain segments.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Experience Villa-Style Living in a Duplex Home
Birla Trimaya Villament
Contact Us
Undo
"High reserve prices and frequent auctions are leading to saturation. Comparable properties can be bought for less in the open market," said Shalinder Anand, former president of the Mohali Property Consultant Association.
Commercial mixed-use sites in Aerocity performed strongly. Block-E (6.28 acres) fetched Rs 376 crore against a reserve of Rs 369 crore, while Block-D went for Rs 270 crore against a reserve of Rs 264 crore.
In a first, Gmada also put shop-cum-offices (SCOs) and shops in Sector 78 under the hammer. Bidding was intense—a 166 square yard SCO sold for Rs 8.48 crore (reserve price Rs 7 crore) and a 60 square yard shop soared to Rs 3.76 crore against a reserve of just Rs 83 lakh. A total of 27 SCOs were sold.
However, there were no takers for two petrol pump plots, nine hotel sites, six school plots, and seven out of nine mixed-use sites, signalling caution in those categories.
The result reflects a significant rebound from the June auction, where the top deal was a 4.02-acre school site in Ecocity-2 sold for Rs 59 crore, and from April when Gmada managed to sell only two of six group housing plots. In March, the authority clocked a record Rs 1,986.82 crore from its e-auction.
Commercial segment sees strong bidding
Despite a mixed response overall, the commercial segment, particularly mixed land-use sites in Aerocity, witnessed robust bidding:
- Block-E (6.28 acres) was sold for Rs 376 crore (reserve: Rs 369 crore).
- Block-D (6.28 acres) fetched Rs 270 crore (reserve: Rs 264 crore).
For the first time, Gmada also auctioned Shop-cum-Offices (SCOs) and shops in Sector 78, which saw aggressive bidding:
- An SCO (166 sq yards) sold for Rs 8.48 crore (reserve: Rs 7 crore).
- A 60-square-yard shop went for a surprising Rs 3.76 crore, against a reserve of just Rs 83 lakh.
In total, 27 SCOs were sold.
Cold response for certain categories
Investor sentiment remained tepid in certain sectors. There were no takers for:
- Two petrol pump sites
- Nine hotel sites
- Six school sites
- Seven out of nine mixed-use plots
This reflects cautious investor behaviour amid fluctuating market conditions.
MSID:: 123367995 413 |
Stay updated with the latest local news from your
city
on
Times of India
(TOI). Check upcoming
bank holidays
,
public holidays
, and current
gold rates
and
silver prices
in your area.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
3 minutes ago
- Indian Express
Kerala chit fund couple get anticipatory bail in Rs 40-crore cheating case in Bengaluru
A couple from Kerala who are accused of cheating nearly 600 investors of over Rs 40 crore through a chit fund and finance business they operated in east Bengaluru were granted anticipatory bail on Thursday by the principal sessions court in the Karnataka capital. Tomy A Varghese, 57, and his wife Shini Tomy, 52, are alleged to have fled to Kenya after cheating investors through the A&A Chit Funds and Finance firm they had been operating in east Bengaluru since 2005. The couple moved the Karnataka High Court seeking the quashing of the case on July 15 and approached the sessions court for bail on July 18. The court of the principal sessions judge in Bengaluru granted bail to the couple after hearing their counsel and the state prosecutor. A detailed order is expected to be released soon. The couple's plea in the high court, which also sought a stay on the investigations by the Criminal Investigation Department (CID) of the state police in the case, is due for hearing next week. The couple are alleged to have fled to Kenya on July 3, two days before the cheating case was registered against them at the Ramamurthy Nagar police station in east Bengaluru. Investigations have shown they sold all their property – an apartment and a car – for half the price before fleeing the country, the police said after the case was registered. A complaint of cheating was filed against the couple by a senior citizen who lost Rs 70 lakh in the alleged chit scam and several others also filed similar petitions. Dozens of investors have approached the Ramamurthy Nagar police with complaints of being defrauded by A&A Chit Funds and Finance. The police registered the FIR on July 5 on the basis of the complaint filed by P T Savio, 64, a Ramamurthy Nagar resident who has alleged that he has been cheated out of Rs 70 lakh by the couple. Hundreds lured with promise of 6-14% interest rates Initial police investigations found that 368 investors in A&A Chit Funds and Finance had been cheated out of Rs 39.66 crore. 'The accused have been running A&A Chit Fund and Finance company for about 20 years, by promising interest rates ranging from 6 to 14 per cent,' the police said. According to Savio's police complaint, the Tomy couple had gathered hundreds of small and large investors in the firm with the promise of high returns. The funds deposited by the investors were being collected in the bank accounts of the firm and the private accounts of the couple, says the police complaint. 'They have collected Rs 70 lakh from me and my family and several crores from others. When we visited the office of the company, we found it closed and the couple were missing. Their phones were also switched off,' read the complaint. The case was registered under section 4 of the Chit Funds Act 1982, section 21 of the Banning of Unregulated Deposit Schemes Ordinance 2019; and sections 318 and 316 of the Bharatiya Nyaya Sanhita for cheating and criminal breach of trust. The Government later transferred the case to the CID. The police have issued lookout circulars for the couple after learning that they had left the country.
&w=3840&q=100)
Business Standard
3 minutes ago
- Business Standard
RMG platforms suspend paid contests to comply with new gaming law
Real money gaming apps like Dream11, Zupee, and Probo suspend paid contests following the passing of the Promotion and Regulation of Online Gaming Bill, 2025, which introduces severe penalties. Mumbai Real money gaming (RMG) platforms such as Dream11, Zupee, and Probo suspended paid contests on their respective platforms following the passing of the Promotion and Regulation of Online Gaming Bill, 2025, by the Rajya Sabha. The Bill, which proposes jail terms of up to three years and fines of up to Rs 1 crore for anyone offering RMG services in India, also prohibits banks from working with companies providing such services. Cleared by the Union Cabinet on Tuesday, the Bill was introduced in the Lok Sabha earlier the same day. While the Dream11 app remained operational, its parent company, Dream Sports, on Thursday paused all 'Pay to Play' contests on Dream Picks, a fantasy sports app, and Dream Play, a casual RMG service. Dream11 did not comment on Business Standard's query regarding the suspension. Probo, an opinion trading platform, announced that it had discontinued all RMG operations with immediate effect. 'As unfortunate as it is, we respect the Government of India's latest Online Gaming Bill. In light of this development, Probo has decided to discontinue its real-money gaming (RMG) operations with immediate effect until further notice. We remain steadfast in our vision to innovate and build information markets from India, for the world,' the company said in a statement. Another RMG player, Zupee, confirmed that it had discontinued paid games but would continue supporting free-to-play games on its platform. 'Zupee remains fully operational, and our players can continue to enjoy their favourite games. In line with the new Online Gaming Bill 2025, we are discontinuing paid games, but our hugely popular free titles like Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania will continue to be available for all users for free,' a company spokesperson said.
India Today
3 minutes ago
- India Today
People lost life savings: Ashwini Vaishnaw on why Centre banned real-money games
"There are people who have lost their entire life savings," Union Minister of Information and Broadcasting Ashwini Vaishnav said while defending the Online Gaming Bill, which provisions banning online betting games and seeks to encourage e-sports and social on August 20 passed the Promotion and Regulation of Online Gaming Bill, 2025, which introduces strict rules and penalties for online money gaming companies, their promoters, and even individuals involved in during an exclusive conversation with India Today TV, Vaishnav said, "The problem is, when celebrities endorse such games, people think that it is okay to play and once they get into this game, the way the algorithms are designed initially, you will keep on winning small amounts then suddenly there is a big loss". "There are people who have lost their entire life savings," he per the new Act, banks and financial institutions will not be allowed to process or transfer funds for real-money online Bill also makes way for a complete prohibition on advertisements promoting real-money gaming, continued promotion of E-sports and non-monetary skill-based games and strict action against unregistered or illegal gaming to the question about the accessibility of the apps offering betting and other money games and whether they should be so easily available to children, who can easily be tempted to make quick money, Vaishnav said, "That's the major question. Should we make it easily available, or should we try to control it? So, we are trying to control it so that, at least, it is not so obviously available, and it is not endorsed by celebrities and sports persons so that it doesn't become a major role model for the youth and students".The Union minister cited an incident wherein one of his journalist friends told him that his son, who is a class 6 student, lost Rs 38,000 playing an online betting game."So I mean this is just one small example, there are hundreds and hundreds and thousands of such examples in society," he the possibilities of certain platforms being able to shift their servers outside India and those which are legal in India at present could go underground, the minister said that the government has put in place a mechanism by which the activities that are basically illegal coming from offshore servers are regularly being blocked and action is being FOR VIOLATIONSThe bill provisions imprisonment and fines of up to Rs 2 crore for different levels of violations. This includes offering online money gaming services, making or promoting advertisements for such banned games, and engaging in transactions or authorisation of funds linked to banned games, among Bill makes punishments stricter for repeat a company is found guilty of an offence under this Bill, not only the company but also the persons in charge of its operations at the time of the violation will be held INDUSTRY CONCERNEDadvertisementFeeling the heat of the legislation, the All India Gaming Federation (AIGF) wrote to Union Home Minister Amit Shah, seeking urgent intervention on the Bill, warning that a blanket prohibition could inflict severe damage on the sector. It stressed the need for "progressive regulation".The sector, valued at around Rs 2 lakh crore, generates substantial revenue and contributes significantly to taxation, underscoring its economic significance.- EndsMust Watch
