GMADA Nets Rs 1.36 Billion From Auction of 17 Properties
Real Estate

GMADA Nets Rs 1.36 Billion From Auction of 17 Properties

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.


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.

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?