GMADA Nets Rs 1.36 Billion From Auction of 17 Properties

24 Jun 2025 CW Team

Two 500-square-yard residential plots in Sector 82, Alpha Block-B, IT City, were each sold for Rs 68.7 million—well above the reserve price of Rs 63.5 million. A 300-square-yard plot in Block-A of Ecocity-1 also exceeded expectations, drawing Rs 35 million compared to a reserve of Rs 30 million.

Residential plots of 500 square yards in the auction fetched between Rs 56 million and Rs 68.7 million, with final prices largely depending on location within IT City and Ecocity-1.

Despite these successful sales, the auction saw limited overall participation. Remaining unsold were 13 booths, 15 shop-cum-offices (SCOs), two hotel sites, two commercial plots, and another school site.

GMADA Chief Administrator Vishesh Sarangal remained optimistic, stating, “The auction received a good response, and we are hopeful of selling the remaining sites in the next round.”

However, Shalinder Anand, former president of the Mohali Property Consultant Association, attributed the lukewarm outcome to steep reserve prices and frequent auctions. “The reserve prices are high, and with monthly auctions, there just aren’t enough buyers. Similar plots are also available at lower prices in the open market,” he said.

The subdued response follows an April auction in which GMADA sold only two group housing plots (totalling 12.23 acres) out of six (48.72 acres), collecting Rs 4.04 billion—well below the total reserve price of Rs 12.15 billion.

In contrast, GMADA posted record revenues in earlier events. Its March e-auction fetched Rs 19.87 billion from 368 properties, while a Diwali auction last year brought in Rs 18.94 billion from 345 sites.

The latest results reflect growing signs of market saturation and buyer caution in the region’s real estate sector, despite continued efforts by GMADA to unlock land value through regular auctions.

The Greater Mohali Area Development Authority (GMADA) managed to sell just 17 out of 72 residential and commercial properties listed in its latest auction, generating Rs 1.36 billion in revenue. A standout transaction was a 4.02-acre school site in Ecocity-2, which fetched Rs 590 million against a reserve price of Rs 579 million. The winning bid came from Blue Wing Education Society.Two 500-square-yard residential plots in Sector 82, Alpha Block-B, IT City, were each sold for Rs 68.7 million—well above the reserve price of Rs 63.5 million. A 300-square-yard plot in Block-A of Ecocity-1 also exceeded expectations, drawing Rs 35 million compared to a reserve of Rs 30 million.Residential plots of 500 square yards in the auction fetched between Rs 56 million and Rs 68.7 million, with final prices largely depending on location within IT City and Ecocity-1.Despite these successful sales, the auction saw limited overall participation. Remaining unsold were 13 booths, 15 shop-cum-offices (SCOs), two hotel sites, two commercial plots, and another school site.GMADA Chief Administrator Vishesh Sarangal remained optimistic, stating, “The auction received a good response, and we are hopeful of selling the remaining sites in the next round.”However, Shalinder Anand, former president of the Mohali Property Consultant Association, attributed the lukewarm outcome to steep reserve prices and frequent auctions. “The reserve prices are high, and with monthly auctions, there just aren’t enough buyers. Similar plots are also available at lower prices in the open market,” he said.The subdued response follows an April auction in which GMADA sold only two group housing plots (totalling 12.23 acres) out of six (48.72 acres), collecting Rs 4.04 billion—well below the total reserve price of Rs 12.15 billion.In contrast, GMADA posted record revenues in earlier events. Its March e-auction fetched Rs 19.87 billion from 368 properties, while a Diwali auction last year brought in Rs 18.94 billion from 345 sites.The latest results reflect growing signs of market saturation and buyer caution in the region’s real estate sector, despite continued efforts by GMADA to unlock land value through regular auctions.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..