Gmada auctions 24% of plots on offer, school site fetches Rs 59cr
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Mohali: The Greater Mohali Area Development Authority (Gmada) earned over Rs 136 crore from its latest property auction, which concluded on Thursday evening. However, the response remained lukewarm with only 17 out of 72 residential and commercial sites sold — just 24% of the total properties on offer.
The highlight of the auction was the sale of a 4.02-acre school site in Ecocity-2 that fetched Rs 59 crore, slightly above its reserve price of Rs 57.9 crore. The plot was acquired by Blue Wing Education Society, marking one of the highest single-property bids in the auction.
Among residential properties, two 500-square-yard plots in Sector 82, Alpha Block-B, IT City, sold for Rs 6.87 crore each, above their reserve price of Rs 6.35 crore.
A 300-square-yard plot in Block-A of Ecocity-1 also fetched Rs 3.5 crore, compared to its reserve price of Rs 3 crore. Other 500-square-yard plots sold ranged between Rs 5.6 crore and Rs 6.87 crore, depending on location.
However, a large number of properties remained unsold, including 13 booths, 15 shop-cum-offices (SCOs), two hotel sites, two commercial sites, and another school site.
Gmada chief administrator Vishesh Sarangal termed the auction response "satisfactory" and expressed hope of selling the remaining properties in future rounds.
by Taboola
by Taboola
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"We are optimistic that subsequent auctions will see better uptake," he said.
Meanwhile, property experts believe otherwise. "The high reserve prices and frequent auctions are causing saturation. Similar properties are available for less in the open market," said Shalinder Anand, former president of the Mohali Property Consultant Association.
Notably, in April, Gmada sold only two of six group housing sites, while in March it had earned a record Rs 1,986.82 crore through e-auctions.
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