Finally, after a gap of nearly seven months, the Greater Mohali Area Development Authority (GMADA) will e-auction 113 residential and commercial properties from October 10 to October 26 after slashing the reserve price by 10%. To attract more bidders, an additional 10% off will be offered for full payment in 60 days.
The last auction for these properties was held in February this year after a 20% cut in reserve prices, when 32 of the 67 units were sold. The next auction planned from July 21 was postponed due to the lockdown following the Covid-19 outbreak.
GMADA additional chief administrator Rajesh Dhiman has said the auction will be held from October 10 to 26. The 10% reserve price discount and the additional 10% off on full payment was done to get more buyers and help revive the reality sector, he added.
GMADA will also be hoping for improved sales during the festive season when buying property is considered auspicious.
The auction is estimated to fetch GMADA Rs 800 crore. These include 16 residential properties on plots ranging from 100 square yards to 500 square yards and others located in Eco-city-1 and sectors 64, 61 and 56.
Commercial units include 25 booths in sectors 59, 60, 61, 63, 65; six shop-cum-offices (SCO)/shop-cum-floors (SCF)/single storey shops (SSS) in sectors 61, 53, 56 and 64, with sizes ranging from 125 square yards to 241 square yards. Seven IT industrial plots are located in sectors 83 and 101 and one hotel site in Sector 66-B with a reserve price of Rs 12.70 crore.
Then there’s a school site in Eco-city-1 and three group housing sites, including one in sector 66 and two in Medicity.
“Due to recession we had been demanding that reserve prices should be slashed and now we hear a cut of 10% will be given. That will get a good response,” said Shailander Anand, former president, Mohali Property Consultants Association (MPCA). The move will encourage healthy competition and help GMADA earn a bigger profit, he added.
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