Greater Mohali Area Development Authority (GMADA) has decided to hold an auction of several freehold commercial and residential sites in Mohali.This year’s first auction by GMADA will be held on February 16.
As many as 45 commercial sites, including 30 booths, 15 shop-cum-offices (SCOs) and shop-cum-flats (SCFs), and 7 one-kanal residential sites, will go under the hammer at PUDA Bhawan in Sector 62.
The commercial sites to be sold are located in Sectors 67, 68, 69, 70, 71 and Phase 3-A while all the seven residential sites are in Sector 71, on the plot of land which was vacated last year after clearing the illegal Jhotta Kutt colony.
GMADA has kept same reserve price — Rs 50,315 per square yard — for residential plots in the forthcoming auction.
The reserve price of commercial properties, which varies between Rs 1 lakh to Rs 4.74 lakh per square yard, has seen a slight increase from the last auction when Rs 4.34 lakh per square yard was the highest reserve price.
GMADA had earned Rs 5694.5 lakh from the sale of 17 commercial sites during 2009 auction when a total of 84 sites, including 69 commercial and 15 residential, were put under the hammer.In the last auction, a SCO site 677-C in Sector 70 was sold at the highest bid of Rs 6.05 crore and lowest was a site in Sector 71 at Rs 2.2 crore.
The highest price of Rs 41 lakh was fetched by a booth site 1 in Sector 71 while lowest was Rs 36.5 lakh for a booth in Sector 71.
In 2008, GMADA had earned over Rs 11,821 crore from the sale of 80 commercial and 32 residential sites and a mixed use site.
In 2007, GMADA’s second auction had made it richer by Rs 766.97 crore from sale of 66 sites while first auction in November 2006 had fetched Rs 439.57 crore from sale of 22 commercial sites.
In dire need of around Rs 5,000 crore, GMADA also plans to procure a loan of Rs 1,000 crore and hopes to earn more from the sale of properties.
GMADA is in the process of acquiring around 1,500 acres of land for various projects, which require an investment of Rs 2,250 crore.
Part of the Dream Weave Walk Network 1998-2010