GMADA auction likely in September

The Greater Mohali Area Development Authority is planning to hold an auction of residential and commercial sites in various sites in the city.

The Greater Mohali Area Development Authority(GMADA) is planning to hold an auction of residential and commercial sites in various sites in the city. The auction is expected to be in September,but the exact date has not been finalised as yet.

Various residential and commercial sites located in Sector 56,59,60,61,63,64,65,67,68,69,70 and 71 will be up for sale. The auction is expected to include 106 residential and commercial sites. These will include residential plots,booths,single storey shops and shop cum office (SCO). A total of 33 residential plots,45 booths,20 SCOs and 8 single storey shops will be auctioned by the authority.

The reserve prices for the structures have also been decided for the various sites to be auctioned. Going by the reserve prices set by the authority,the auction is expected to rake in the moolah for GMADA.

A residential plot in Sector 68 has a set reserve price of 3.73 crore. Similarly,eight SCOs in Sector 69 (basement,ground floor plus 3 floors) have a reserve price of 6.36 crore. Booths are the cheapest with the lowest reserve price at 31 lac for four convenient shops in Sector 70. Even these are the reserve prices and the final rates are expected to be much higher.

When contacted by Newsline,Balbir Singh,Estate Officer(GMADA),said,We are planning the auction of some residential and commercial sites,but the exact date of the auction is yet to be decided.

With these kind of rates,the auction is expected to be a contest for the big players. With property rates skyrocketing in Mohali,it will be interesting to see how much money people will spend.

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