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The Greater Mohali Area Development Authority (GMADA) has launched a process to reassess reserve prices of unsold residential, commercial, institutional, and industrial sites that failed to attract buyers in consecutive auctions. The authority will appoint three independent valuers for each site, selecting professionals empanelled with nationalised banks or the income-tax department. Recent auctions showed selective demand, with some plots exceeding reserve prices while many others remained unsold. This move aims to align pricing with current market trends, improve transparency, and make properties more appealing to potential buyers.
The Greater Mohali Area Development Authority (GMADA) has begun revising the reserve prices of unsold properties by engaging independent valuers. The focus is on residential, commercial, institutional, and industrial sites that failed to sell in two consecutive e-auctions. GMADA will invite bids from valuers empanelled with nationalised banks or the income-tax department to ensure credibility and transparency. Advertisement
For each unsold property, three independent valuers will be appointed. Professionals blacklisted or barred by their empanelling authorities are excluded. The authority expects the valuations to provide a realistic assessment of market prices, reflecting current trends and buyer interest.
A senior GMADA official said that sites failing to attract bids will now undergo careful review of their pricing and market positioning. Detailed bid documents and a list of unsold properties are available at the office of the estate officer, PUDA Bhawan, Sector 62, or on GMADA's official website.
In recent auctions, the market response was mixed. A 430-square-yard residential plot in Sector 68 sold for INR 8.86 crore, surpassing its reserve of INR 8.32 crore. Out of 15 residential plots, eight were sold, while only 63 out of 126 shop cum office (SCO) sites found buyers. Seven residential plots and 63 SCO sites remained unsold. Officials noted that high reserve prices relative to market conditions contributed to the lack of interest from buyers.
By reassessing prices, GMADA aims to make the unsold properties more attractive to investors and homeowners. The initiative also seeks to clear the inventory of unoccupied sites and bring them into productive use, aligning supply with prevailing demand and market conditions.
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