Greater Mohali Area Development Authority (Gmada) sell only 25% of its properties in the recently-concluded e-auction. Of the 44 sites, only 11 attracted bidders, bringing Rs 301 crore in Gmada kitty.
A senior Gmada officer said, “A school site measuring 5 acre in Eco City-1 went for Rs 35 crore against the reserve price of Rs 34.54 crore. A 6.5-acre housing society site in Sector 88 fetched Rs 111 crore against the reserve price of Rs 96 crore. The auction was for commercial and institutional sites.”
Rajesh Dhiman, additional chief administrator (ACA), said, “In these tough times, we have been able to sell maximum sites. Even in the past two auctions, Gmada got a good response. This time also, against a reserve price of Rs 452 crore for 44 properties, we have been able to find buyers and sell properties for Rs 301 crore. This shows that the real estate market is picking up.”
A commercial-corporate site in Sector 68 went for Rs 44.78 crore against the reserve price of Rs 25 crore. Another commercial-corporate site in Sector 68 fetched Rs 46.46 crore against the reserve price of Rs 26 crore.
In IT City in Sector 101-Alpha, a site went for Rs 8.78 crore against the reserve price of 7.56 crore, he said. An institutional site for a hospital measuring 1.85 acre in Sector 89 went for Rs 21 crore against the reserve price of Rs 11 crore and another institutional site for educational purpose measuring 2.4 acre in Sector 89 got Rs 15.70 crore against the reserve price of 15.47 crore.
However, booths and SCO-SCF sites failed to attract any buyers. There were no takers for 22 booths and five SCO-SCF sites in various sectors. There were no takers for the school site measuring 2.77 acre in Sector 80 with reserve price of Rs 23 crore.
In the last auction, Gmada had fixed reserved price of Rs 794 crore and fetched Rs 544 crore. In December last year’s auction, it got Rs 134 crore by selling only 10 properties out of 78.
