GMADA Auction Generates Huge Revenue
The Greater Mohali Area Development Authority (GMADA) wrapped up its latest e-auction with impressive financial gains, bringing in ₹961 crore in revenue. This is a huge seven-fold increase compared to the previous June auction, which only earned ₹136 crore.
Residential Plot Rates Slightly Down
High-end residential plots saw a small 2% price drop during the recent auction. A one kanal (500 square yard) plot in Sector 65 sold for ₹6.74 crore against its reserve price of ₹6 crore. This was a bit lower than the June auction, where a similar plot fetched ₹6.87 crore with a base price of ₹6.35 crore.
Other one-kanal plots in various areas sold for prices between ₹5.6 crore and ₹6.87 crore, showing how location affects demand and desirability.
Strong Participation and Commercial Triumph
The auction saw much better market involvement, with 65 out of 167 properties selling. This is a big jump from just 17 properties sold in June. GMADA chief administrator Vishesh Sarangal said the response was "satisfactory" and is hopeful about future auction participation.
Commercial property prices have surged significantly; a 60-square-yard shop was sold for ₹3.76 crore, much higher than its reserve price of ₹83 lakh. This shows strong demand for commercial real estate despite the softening residential market.
Market Dynamics and Expert Insights
Industry experts say the residential rate drop is due to cautious investor behavior in a fluctuating market. The auction featured a variety of property types:
- Two petrol pump sites
- Nine hotel sites
- Six school sites
- Seven mixed-use plots
Even with the minor correction in residential segments, the auction's success shows GMADA's continued appeal to investors looking for quality properties in Mohali and New Chandigarh regions.