GMADA to auction property worth over Rs 100 crore

In an attempt to rise above the current market slump and to make some good money,the Greater Mohali Area Development Area (GMADA) is putting up more than Rs 100 crore-worth group housing sites.

Written by Express News Service | Chandigrah | Published:September 29, 2013 1:44 am

In an attempt to rise above the current market slump and to make some good money,the Greater Mohali Area Development Area (GMADA) is putting up more than Rs 100 crore-worth group housing sites,residential plots and commercial property on auction on October 7 and 8 respectively.

With 28 residential plots and 18 commercial property in different sectors of Mohali on sale this time,four sites for group housing,nursing homes and schools have also been developed for auctioning.

“While the market is down,we just can’t give up on it completely. Some response has to be generated to get the market back on track. GMADA is a reputed name and we are hoping to get a good response” said a spokeperson,GMADA.

GMADA would be putting up only shops-cum-offices(SCO) on auction this time and no booths or showrooms in the commercial plots category. “5 plus 2 per cent for the Punjab State Cancer and the drug de-addiction treatment infrastructure fund of the total bidding amount would have to be paid by the bidders for the bid for commercial and group housing sites to be finalised,” informed an official.

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