MOHALI: The Greater Mohali Area Development Authority (GMADA) generated ₹961 crore from its recent e-auction of properties, which concluded on Monday. Notably, the prices of premium residential plots have shown slight softening compared to the auction held in June.
A one kanal (500 square yard) residential plot in Sector 65 was sold for ₹6.74 crore against a reserve price of ₹6 crore, slightly lower than the ₹6.87 crore fetched in June for a similar plot with a base price of ₹6.35 crore. Other one-kanal plots in the latest auction were sold for prices ranging from ₹5.6 crore to ₹6.87 crore, depending on their location. Additionally, a 60-square-yard shop sold for an impressive ₹3.76 crore, against a reserve of just ₹83 lakh.
Despite the slight adjustment in residential prices, GMADA saw a significant increase in total earnings, up from ₹136 crore in June, which had only 17 properties sold. This auction sold 65 out of 167 properties—an outcome that GMADA chief administrator Vishesh Sarangal described as “satisfactory,” expressing hope for even greater participation in future auctions.
However, industry experts have noted a cautious sentiment in certain segments. “Elevated reserve prices and frequent auctions are leading to market saturation. Similar properties can often be purchased for less in the open market,” stated Shalinder Anand, former president of the Mohali Property Consultant Association.
The commercial mixed-use sites in Aerocity performed well. Block-E (6.28 acres) secured ₹376 crore against a reserve of ₹369 crore, while Block-D went for ₹270 crore against a reserve of ₹264 crore.
For the first time, GMADA also auctioned shop-cum-offices (SCOs) and shops in Sector 78, drawing considerable bidding interest—a 166 square yard SCO sold for ₹8.48 crore (reserve price ₹7 crore), and a 60 square yard shop reached ₹3.76 crore against a mere reserve of ₹83 lakh. In total, 27 SCOs were sold.
However, there were no buyers for two petrol pump plots, nine hotel sites, six school plots, and seven out of nine mixed-use sites, indicating a degree of caution in those categories.
This outcome marks a notable rebound from the June auction, where the top transaction was a 4.02-acre school site in Ecocity-2 sold for ₹59 crore, and contrasts sharply with April when only two of six group housing plots were sold. In March, GMADA achieved a record ₹1,986.82 crore from its e-auction.
Commercial segment sees strong bidding
Despite a mixed overall response, the commercial segment—especially mixed land-use sites in Aerocity—saw strong bidding:
– Block-E (6.28 acres) sold for ₹376 crore (reserve: ₹369 crore).
– Block-D (6.28 acres) fetched ₹270 crore (reserve: ₹264 crore).
For the first time, GMADA auctioned Shop-cum-Offices (SCOs) and shops in Sector 78, attracting aggressive bids:
– An SCO (166 sq yards) sold for ₹8.48 crore (reserve: ₹7 crore).
– A 60-square-yard shop garnered ₹3.76 crore, against a reserve of just ₹83 lakh.
A total of 27 SCOs were sold.
