Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Mohali Greater Development Authority (GMADA) has raised Rs 1,935.88 crore through the e-auction of commercial and residential properties in the city. The auction included properties such as booths, SCOs (Shop-cum-Office), hotel sites, nursing homes, schools, and residential plots. The e-auction was conducted through a centralized online platform, which ensured transparency and fairness in the bidding process. The successful bidders will have to make the full payment within 30 days from the date of auction.
A nursing home property in Sector 69 was auctioned for Rs 13.94 crore and that a commercial space in Aerocity, Mohali, received a bid price of about Rs 203.80 crore. The group home plot no. 7 in Sector 83 alpha, IT City, earned the highest bid of Rs 325.59 crore. Another group home site no 8 of the same locality was auctioned for Rs 293.49crore. Both properties were 8acres each in size.
Sector 88's group housing site number 5 was put up for auction for Rs 301.21 crore, and same sector's group housing site number 4 sold for Rs 197.47 crore. Although a winning bid of Rs 211.32 core was made for the about 4.40-acre group home property in Sector 66, another site in this sector sold for Rs 147.72 crore. The Authority also made available 9 IT City industrial sites, all of which were auctioned.
According to the officials, the response to the e-auction was overwhelming, with many bidders participating from different parts of the country. The success of the auction is seen as a positive sign for the real estate market in Mohali, as it indicates the growing demand for commercial and residential properties in the city.
The revenue generated from the auction will be used for the development of infrastructure projects in the city, including roads, water supply, sewage, and other civic amenities. This is expected to further boost the real estate market in the city, as improved infrastructure will make it more attractive to investors and homebuyers.
GMADA is a statutory body responsible for the development of Mohali, which is a rapidly growing city located near Chandigarh. The authority is responsible for the planning and development of residential, commercial, and industrial areas in the city. It also provides various services such as land acquisition, estate management, and urban planning.
Booths and SCOs are small commercial properties that are usually located in busy markets and commercial areas. These properties are ideal for small businesses such as shops, cafes, and small offices. Hotel sites are commercial plots that are earmarked for the construction of hotels and resorts. Nursing homes and schools are other types of commercial properties that are in high demand in Mohali.
Residential plots are also in high demand in Mohali, as the city is witnessing a surge in population due to its proximity to Chandigarh and its growing reputation as an IT hub. These plots are usually sold for the construction of independent houses or for the development of residential complexes.
The e-auction conducted by GMADA is a positive sign for the real estate market in Mohali. The successful auction indicates the growing demand for commercial and residential properties in the city, which is expected to further boost the real estate market in the coming years. The revenue generated from the auction will be used for the development of infrastructure projects in the city, which will make it more attractive to investors and homebuyers. The auction also highlights the importance of transparency and fairness in the bidding process, which is crucial for building trust among bidders and promoting a healthy real estate market.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
