GMADA e-auction fetches Rs 276 crore revenue

All properties offered for auction are located in developed areas and successful bidders would be offered possession within 90 days of the auction

By: Express News Service | Mohali | Published:October 12, 2017 5:59 am
gmada news, greater mohali news, mohali news, indian express news The total value of the property offered for auction by GMADA is Rs 375 crore.

THE E-AUCTION of Greater Mohali Area Development Authority (GMADA) concluded on Wednesday, generating a revenue of Rs 276 crore. GMADA had offered 15 residential plots and seven other sites. The other sites, measuring 11 acres and 7 acres meant for group housing, have been sold for Rs 110 crore and Rs 76.5 crore, respectively. Another site, measuring 4 acres, which has commercial land use, has been sold for Rs 75 crore.

The residential plots sold attracted more than 20 per cent premium over the reserve price. The price, quoted by the highest bidder for residential plots, was Rs 34,440 per sq metre. Both the group housing sites are located in IT City and the commercial site sold is located in Aero City, Mohali. All properties offered for auction are located in developed areas and successful bidders would be offered possession within 90 days of the auction.
The total value of the property offered for auction by GMADA is Rs 375 crore. All the properties that attracted single bid have been rejected. Single-bid properties include school sites and residential plots.

Vini Mahajan, Additional Chif Secretary, Housing and Urban Development, and Vice Chairperson, PUDA (punjab Urban Development Authority), has announced that the next e-auction of the department would begin on October 25 and offer all kinds of property in major towns and cities of the state.

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