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The Greater Mohali Area Development Authority (GMADA) recently concluded an e-auction that generated INR 961 crore by selling 65 out of 167 properties. Commercial properties, especially in Aerocity and Sector 78, drew strong bids, while residential plot prices showed a slight dip compared to the previous auction. Some categories, including petrol pump plots, hotel sites, and school plots, saw no interest, reflecting cautious investor sentiment. This auction highlights both the active demand in commercial real estate and the selective interest in residential and institutional plots in Mohali.
The Greater Mohali Area Development Authority (GMADA) concluded its latest e-auction, raising INR 961 crore through the sale of 65 out of 167 properties. This is a notable increase from the INR 136 crore earned in June, when only 17 properties were sold. The auction featured a mix of residential plots, commercial sites, and institutional land, catering to various investor interests. Advertisement
In the residential segment, a one-kanal plot in Sector 65 sold for INR 6.74 crore, slightly above its reserve price of INR 6 crore, though lower than a similar plot sold in June for INR 6.87 crore. Other one-kanal plots fetched between INR 5.6 crore and INR 6.87 crore. A 60-square-yard shop in Sector 78 was sold for INR 3.76 crore, significantly higher than its reserve of INR 83 lakh, reflecting strong demand for small commercial spaces.
Commercial properties performed well, particularly in Aerocity. Block-E, covering 6.28 acres, was sold for INR 376 crore, exceeding its reserve of INR 369 crore. Block-D fetched INR 270 crore against a reserve of INR 264 crore. Additionally, 27 Shop-cum-Offices (SCOs) and shops in Sector 78 were sold, with a 166-square-yard SCO reaching INR 8.48 crore, above its reserve of INR 7 crore.
However, some property categories failed to attract bids. Two petrol pump plots, nine hotel sites, six school plots, and seven other institutional plots remained unsold. Experts indicated that high reserve prices and frequent auctions might make investors cautious, as similar properties can often be found at lower prices in the open market.
Despite limited interest in certain categories, GMADA remains confident about future auctions. The authority continues to offer diverse property types to sustain market momentum and attract a wide range of investors.
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