Mohali development authority generates Rs 520 cr from property sale

The Greater Mohali Area Development Authority (GMADA) has earned Rs 520 crore by selling only 15% of properties advertised for auction. It sold 9 out of 61 properties advertised for auction. The nine commercial properties generated Rs 520 crore, among which the commercial site in Aerocity sold for Rs 192 crore against its reserve prices of Rs 152 crore. A housing land of 6 acres in Sector 88 sold for Rs 149 crore against its reserve price of Rs 121 crore. A hospital site of 3.5 acres sold for Rs 48 crore against its reserve price of Rs 33.5 crore. Two 1-acre commercial sites in Sector 68 were sold for Rs 40 crore each. An institution site of 2-acre sold for Rs 24.5 crore against its reserve price of Rs 23.8 crore. A type of official showroom site in Sector 71 sold for Rs 4.25 crore against its reserve price of Rs 4.17 crore. Two IT plots were sold for Rs 23 crore against its reserve price of Rs 20 crore. The school site in Sector 80 was not sold, having a reserve price of Rs 28.7 crore. Also, in the past four auctions, no buyer came for the school site. There are no buyers for 23number SCO and 25 booths in many sectors of the Mohali area. This year in August, GMADA generated Rs 405 crore by the auction of nine sites from the total 44 advertised in the online auction against a reserve price of Rs 352 crore. A commercial plot in Aerocity sold for Rs 176 crore against a reserve price of Rs 172 crore. According to an official, GMADA managed to sell about 20% of properties from the auction and fetched a handsome amount. Image Source Also read: Macrotech Developers Q2 FY22 sales: Bookings jump to Rs 2,003 cr