Experts have suggested that the auction of commercial and residential properties by Greater Mohali Area Development Authority (GMADA) scheduled in October may not be very encouraging due to the high reserve rates.
In some areas, GMADA has also fixed the reserve price of the sites even more than the collector rates. Sources in GMADA said many people, who had booked flats in previous auctions, have asked for refunds. Without revealing the number of people who sought the refunds, they confirmed that they received some applications for the refund of their money as they do not want to buy the properties.
Former chairman of Mohali Properties Consultants Association (MPCA), Shailander Anand, while commenting on the issue, said GMADA has fixed the reserve rates of the properties higher than the collector rates in the IT city, which is not going to work in GMADA’s favour. The auctions for 31 residential and commercial sites will be held on October 6.
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“In IT city, the reserve rates of one square yard are fixed for Rs 50,000, while the collector rate in the area in Rs 20,000. The rates in the other areas are also higher. We had requested GMADA officials to revise the reserve prices of the sites as the real estate market is not in a good position,” explained Anand.
Baljeet Singh, another property consultant based in the city, said, “GMADA will auction some built-up booths in Purab Premium apartments but the possession of these flats has already been delayed. So how can they expect good response from the auction?”
“The people are already protesting against GMADA due to the delay in the possession of the flats. Development works are still going on in the area and there is no clarity on when the flats will be given to the owners. Under such circumstances, how can auction of booths attract buyers?” Singh asked.
Meanwhile, a senior official of GMADA, who is overseeing the auction, said on condition of anonymity that they have fixed the reserve prices after keeping many factors, such as better connectivity and good roads, in mind and they are hopeful that buyers will come.