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Hindustan Times
15 hours ago
- Business
- Hindustan Times
GMADA auction: School site in Ecocity-2 fetches ₹59 crore
The Greater Mohali Area Development Authority (GMADA) managed to sell only 17 out of the 72 residential and commercial properties that were up for auction. Among these, a school site in Ecocity-2, measuring 4.02 acres, fetched ₹ 59 crore against a reserve price of ₹ 57.9 crore. The highest bidder for the school site was Blue Wing Education Society. Several sites, including 3 booths, 15 SCOs (shop-cum-offices), two hotel sites, two commercial sites, and a school site, remained unsold during the GMADA auction. (Stock image) In all, GMADA was able to generate ₹ 136 crore through the auction of these 17 properties. Two residential plots, measuring 500 square yards each in Sector 82, Alpha Block-B, IT City, were sold for ₹ 6.87 crore a piece, surpassing the reserve price of ₹ 6.35 crore. Similarly, a 300-square-yard residential plot in Block-A of Ecocity-1, fetched ₹ 3.5 crore against the reserve price of ₹ 3 crore. Residential plots, measuring 500 square yards, went for prices ranging from ₹ 5.6 crore to ₹ 6.87 crore, depending on their location within IT City and Ecocity-1. However, several sites remained unsold. These included 13 booths, 15 SCOs (shop-cum-offices), two hotel sites, two commercial sites, and a school site. GMADA chief administrator Vishesh Sarangal said, 'The auction received a good response, and we are hopeful of selling the remaining sites in the next round.' Shalinder Anand, former president of the Mohali property consultant association, attributed the tepid response to high reserve prices and market saturation. 'The reserve prices are steep, and auctions are being held almost every month. There simply aren't enough buyers. Also, similar plots are available at lower prices in the open market,' he said. In the April auction earlier this year, GMADA managed to sell only two group housing sites (totaling 12.23 acres) out of six offered (48.72 acres), generating ₹ 403.75 crore in revenue. The reserve price for the six sites was set at ₹ 1,214.52 crore. In contrast, GMADA earned record revenues in previous auctions. During the e-auction held from March 12 to 22, it collected ₹ 1,986.82 crore from the sale of 368 properties. Similarly, a Diwali auction last year fetched ₹ 1,893.80 crore from the sale of 345 properties.
Time of India
a day ago
- Business
- Time of India
Gmada auctions 24% of plots on offer, school site fetches Rs 59cr
1 2 Mohali: The Greater Mohali Area Development Authority (Gmada) earned over Rs 136 crore from its latest property auction, which concluded on Thursday evening. However, the response remained lukewarm with only 17 out of 72 residential and commercial sites sold — just 24% of the total properties on offer. The highlight of the auction was the sale of a 4.02-acre school site in Ecocity-2 that fetched Rs 59 crore, slightly above its reserve price of Rs 57.9 crore. The plot was acquired by Blue Wing Education Society, marking one of the highest single-property bids in the auction. Among residential properties, two 500-square-yard plots in Sector 82, Alpha Block-B, IT City, sold for Rs 6.87 crore each, above their reserve price of Rs 6.35 crore. A 300-square-yard plot in Block-A of Ecocity-1 also fetched Rs 3.5 crore, compared to its reserve price of Rs 3 crore. Other 500-square-yard plots sold ranged between Rs 5.6 crore and Rs 6.87 crore, depending on location. However, a large number of properties remained unsold, including 13 booths, 15 shop-cum-offices (SCOs), two hotel sites, two commercial sites, and another school site. Gmada chief administrator Vishesh Sarangal termed the auction response "satisfactory" and expressed hope of selling the remaining properties in future rounds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "We are optimistic that subsequent auctions will see better uptake," he said. Meanwhile, property experts believe otherwise. "The high reserve prices and frequent auctions are causing saturation. Similar properties are available for less in the open market," said Shalinder Anand, former president of the Mohali Property Consultant Association. Notably, in April, Gmada sold only two of six group housing sites, while in March it had earned a record Rs 1,986.82 crore through e-auctions. MSID:: 121978383 413 |
