21-05-2025
Mohali: Purab Premium auction turns into another flop show as only 10 of 227 flats gets sold
In another setback for the Greater Mohali Area Development Authority (GMADA), the third e-auction of the high-profile Purab Premium Apartments in Sector 88 failed to generate the expected response.
Out of 227 flats on offer, only 10 units were sold, bringing in a modest Rs 11.45 crore in revenue.
According to official records, the highest bid came from Joshnoor Singh Brar, who secured a Type 3 flat (3BHK with servant room) for Rs 1,28,79,969.75 (Rs 1.28 crore), making it the costliest sale in this round.
The only Type 2 (2BHK) flat was purchased by Parkash Singh for Rs 90,33,501.29 (Rs 90. 33 lakh).
Among the remaining successful bidders were Nitin Jain, Harish Kumar, Navdeep Kumar Garg, and Amandeep Singh, all of whom acquired Type 3 flats with per-unit bid values ranging from Rs 39,248.28 to 44,250.42.
This was the GMADA's third attempt to sell the project's units through e-auction.
A similar exercise in September 2023 offered 550 flats, but attracted only 313 applications, leading to a failed outcome.
In the current round, the GMADA listed flats under three categories: Type 1 (1BHK), Type 2 (2BHK with servant room), and Type 3 (3BHK with servant room) priced between Rs 60 lakh to Rs 1.12 crore. Eligibility deposits were set at Rs 5 lakh for Type 1 and Type 2, and Rs 7.5 lakh for Type 3.
Successful bidders are required to pay 10 per cent of the bid upfront, followed by 25 per cent before possession, according to the GMADA guidelines.
Despite repeated efforts and heavy publicity, the poor response raises serious concerns about pricing, location, and the current demand for premium housing in the Mohali region.
