Tuesday, February 16, 2010

GMADA residential commercial auctions Sink

The auction of freehold commercial and residential sites by the Greater Mohali Area Development Authority (GMADA) flopped.The eight residential sites up for sale had no takers, Not a single bid was received for the seven (one kanal each) residential plots in Sector 71. Though five bidders were interested in a partly constructed HIG house in Sector 48-C, a court order had stayed its auction.

Out of the 45 commercial properties, only 12 were auctioned.The highest bid (Rs 5.41 crore) for an SCO site in Sector 70 was 10.57 per cent less than the price (Rs 6.05 crore) at which a SCO site in Sector 70 was sold in the previous auction held in September last year.

The rates of SCFs fell by 24.2 per cent. But booths became costly by 84.26 per cent.
AUCTIONED
SCOs:Three at Rs 16.19 cr (0.8 pc more than the reserve price of Rs 16.06 cr)
SCFs:Two at Rs 5.55 cr (32.9 pc more than the reserve price of 4.17 cr)
BOOTHS:Seven at Rs 4.05 cr (11.89 pc more than the reserve price of Rs 3.62 cr)

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