GMADA Sells Some Plots, Earns ₹136 Crore – Many Plots Remain Unsold
The Greater Mohali Area Development Authority (GMADA) recently held an auction for residential and commercial plots. Out of 72 plots, only 17 were sold, earning ₹136 crore. This means only 24% of the plots found buyers, while the rest remained unsold.
Biggest Sale: A School Plot for ₹59 Crore
The highest bid in the auction was for a 4.02-acre school site in Ecocity-2. It was bought by Blue Wing Education Society for ₹59 crore, slightly above the expected price of ₹57.9 crore.
Residential Plots That Sold Well
- Two 500-square-yard plots in Sector 82 (Alpha Block-B, IT City) sold for ₹6.87 crore each (reserve price was ₹6.35 crore).
- A 300-square-yard plot in Ecocity-1 (Block-A) was sold for ₹3.5 crore (expected price was ₹3 crore).
- Other 500-square-yard plots were sold between ₹5.6 crore and ₹6.87 crore, depending on their location.
Why Did Many Plots Remain Unsold?
Despite some successful sales, 55 plots did not find buyers, including:
- 13 booths
- 15 shop-cum-offices (SCOs)
- 2 hotel sites
- 2 commercial sites
- 1 school site
Officials vs. Experts – Different Opinions
- GMADA Chief Administrator Vishesh Sarangal called the auction “satisfactory” and hoped the remaining plots would sell in future auctions.
- Property Experts, however, believe high prices and too many auctions are reducing demand. Shalinder Anand, former president of the Mohali Property Consultant Association, said, “Similar properties are cheaper in the open market, so buyers are not interested in GMADA auctions.”
Past Auctions – Mixed Results
- March 2024: GMADA earned a record ₹1,986 crore from e-auctions.
- April 2024: Only 2 out of 6 group housing sites were sold.
Conclusion
While GMADA made ₹136 crore from this auction, the low number of sales shows that buyers are hesitant due to high prices. The authority hopes future auctions will perform better, but experts think prices need to be more competitive.
Would you buy a plot in such an auction, or would you look for cheaper options in the open market? Let us know in the comments!
