Mohali development body earns Rs 520 crore from commercial properties' sale

Mohali development body earns Rs 520 crore from commercial properties’ sale

MOHALI: Although Greater Mohali Area Development Authority (GMADA) managed to sell just 15% of its total properties advertised for auction, the authority managed to earn Rs 520 crore. GMADA sold nine out of 61 properties listed for auction, which concluded late on Thursday evening.

The nine high-end commercial properties fetched Rs 520 crore, the highest from a five acre commercial site in Aerocity, which was sold for Rs 192 crore against the reserve price of Rs 152 crore.

The land of a group housing society, measuring 6 acres in Sector 88 was sold for Rs 149 crore against the reserve price of Rs 121 crore. A hospital site of 3.5 acres went for Rs 48 crore against the reserve price of Rs 33.5 crore. Two one acre commercial sites in Sector 68 went for Rs 40 crore each, which was its reserve price.

An institutional site of two acres in Sector 88 went for Rs 24.5 crore against the reserve price of Rs 23.8 crore. A shop-cum-office showroom site in Sector 71 went for Rs 4.25 acres against the reserve price of Rs 4.17 crore. Two IT plots in IT city of 1.25 acres each went for Rs 23 crore against the reserve price of Rs 20 crore.

Again, GMADA did not find any buyers for the school site in Sector 80, which had a reserve price of Rs 28.7 crore. In the past four auctions, no bidder came for the school site. There were no takers for 23 number SCO and 25 booths in various sectors of Mohali.

In August this year, GMADA fetched Rs 405 crore by auctioning nine sites out of a total of 44 advertised during e-auction against a reserve price of Rs 352 crore. A commercial site measuring five acres in Aerocity went for Rs 176 crore against a reserve price of Rs 172 crore.

At that time, GMADA managed to sell just 20% of the total properties advertised for auction but this 20% fetched a handsome amount, said a senior officer in GMADA.