MOHALI: The Greater Mohali Area Development Authority (Gmada) has begun reviewing the reserve prices of unsold residential, commercial, institutional, and industrial plots through independent valuers. Bids are invited from valuers associated with nationalized banks or the I-T department to conduct this valuation.
According to officials, these valuations will pertain to sites that received no bids in two or more consecutive e-auctions, with an objective of establishing more realistic reserve prices aligned with current market conditions. Gmada will appoint three independent valuers per site to ensure a transparent and fair assessment. The selected valuers must not be blacklisted or barred by their respective authorities.
A senior Gmada official stated, “We are seeking government-approved valuers to reassess the reserve prices of unsold sites. These plots have not attracted any bids in the last two auctions, and we will now carefully evaluate their market positioning and pricing.” Detailed bid documents and property lists can be acquired from the Gmada office located at Puda Bhawan, Sec 62, or downloaded from the official website at www.gmada.gov.in.
The official noted that several residential and commercial properties were unable to find buyers in recent auctions. In the last e-auction, prices for certain categories of properties increased, reflecting high demand in select areas. For instance, a 430 square yard residential plot in Sector 68 sold for Rs 8.86 crore, surpassing its reserve price of Rs 8.32 crore. Out of 15 residential plots available, eight were sold, while only 63 out of 126 SCO sites attracted bidders.
However, seven residential plots and 63 SCO sites did not sell. Officials believe the reserve prices for these unsold properties may not be in sync with the current market dynamics, leading to a lack of buyer interest.
