Auction of commercial,residential sites in Mohali meets poor response

Today,31 commercial sites,including 12 SCOs,two shop-cum-flats (SCFs) and 17 booths in Sectors 67,68,69,70,71 and Phase 3-A,besides nine residential plots,including a one kanal site in Sector 69,four 485 square yards plots in Sector 68,two 16 marla sites in Sector 68,a 14 marla plot in Sector 67 and a 262.5 square yards site in Phase V,were put for sale.

The sold commercial sites fetched Rs 957.5 lakh,14.74 per cent more than the reserve price of Rs 834.49 lakh.

“The response was on expected lines. Though the real estate market is not yet conducive,still we managed to collect almost Rs 57 crore from sale of 17 sites,” said GMADA Chief Administrator Vivek Partap Singh. He hinted at holding another auction in the next few months.

The two-day auction made GMADA richer by Rs 5,694.5 lakh,which was 36.87 per cent more than the reserve price of Rs 4,160.49 lakh.Today’s highest bid of Rs 5.01 crore was received for an SCO site number 682 in Sector 70,which was 26.86 per cent more than its reserve price of Rs 394.9 lakh.

The lowest bid of Rs 36.5 lakh was for a booth site number 15 in Sector 71,which was merely 1.13 per cent more than its reserve price of Rs 36.09 lakh. The third sold site of an SCO number 4 in Sector 68 evoked a bid of Rs 4.2 crore,which was only 4.08 per cent higher than its reserve price of Rs 403.5 lakh,GMADA Additional Chief Administrator Balwinder Singh Multani told Newsline.

Only 18 bidders participated in the auction today,against yesterday when 35 bidders had registered themselves for the bidding. This was despite the special concession given for the first time to the bidders,who were allowed to make collective bids after depositing money required for single bidder.