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Time of India
2 days ago
- Business
- Time of India
Slight dip in 1-kanal plot price as Gmada nets Rs 961cr in e-auction
Mohali: Greater Mohali Area Development Authority (Gmada) fetched Rs 961 crore from its latest e-auction of properties, which concluded on Monday. However, prices of premium residential plots showed a marginal softening compared to the auction held in June. 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.
Hindustan Times
21-06-2025
- Business
- Hindustan Times
GMADA auction: School site in Ecocity-2 fetches ₹59 crore
The Greater Mohali Area Development Authority (GMADA) managed to sell only 17 out of the 72 residential and commercial properties that were up for auction. Among these, a school site in Ecocity-2, measuring 4.02 acres, fetched ₹ 59 crore against a reserve price of ₹ 57.9 crore. The highest bidder for the school site was Blue Wing Education Society. Several sites, including 3 booths, 15 SCOs (shop-cum-offices), two hotel sites, two commercial sites, and a school site, remained unsold during the GMADA auction. (Stock image) In all, GMADA was able to generate ₹ 136 crore through the auction of these 17 properties. Two residential plots, measuring 500 square yards each in Sector 82, Alpha Block-B, IT City, were sold for ₹ 6.87 crore a piece, surpassing the reserve price of ₹ 6.35 crore. Similarly, a 300-square-yard residential plot in Block-A of Ecocity-1, fetched ₹ 3.5 crore against the reserve price of ₹ 3 crore. Residential plots, measuring 500 square yards, went for prices ranging from ₹ 5.6 crore to ₹ 6.87 crore, depending on their location within IT City and Ecocity-1. However, several sites remained unsold. These included 13 booths, 15 SCOs (shop-cum-offices), two hotel sites, two commercial sites, and a school site. GMADA chief administrator Vishesh Sarangal said, 'The auction received a good response, and we are hopeful of selling the remaining sites in the next round.' Shalinder Anand, former president of the Mohali property consultant association, attributed the tepid response to high reserve prices and market saturation. 'The reserve prices are steep, and auctions are being held almost every month. There simply aren't enough buyers. Also, similar plots are available at lower prices in the open market,' he said. In the April auction earlier this year, GMADA managed to sell only two group housing sites (totaling 12.23 acres) out of six offered (48.72 acres), generating ₹ 403.75 crore in revenue. The reserve price for the six sites was set at ₹ 1,214.52 crore. In contrast, GMADA earned record revenues in previous auctions. During the e-auction held from March 12 to 22, it collected ₹ 1,986.82 crore from the sale of 368 properties. Similarly, a Diwali auction last year fetched ₹ 1,893.80 crore from the sale of 345 properties.
Time of India
20-06-2025
- Business
- Time of India
Gmada auctions 24% of plots on offer, school site fetches Rs 59cr
1 2 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 Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "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. MSID:: 121978383 413 |
