Lukewarm response to auction in Mohali

The auction of commercial and residential freehold sites in Mohali on Thursday evoked a lukewarm response.

The Greater Mohali Area Development Authority (GMADA) earned Rs 47.37 crore from the sale of 14 sites. The revenue was 42.42 per cent more than the reserve price of Rs 33.26 crore,GMADA Chief Administrator Vivek Partap Singh told Newsline.

Of the 44 sites,including 38 commercial and 6 residential,put under the hammer on the first day of the two-day auction,only 14 commercial sites,including five shop-cum-offices (SCOs),six shop-cum-flats (SCFs) and three booths in Sector 70,71 and Phase 3-A attracted buyers while six residential plots and 24 commercial sites,including 10 SCOs and SCFs and 14 booths failed to attract any prospective bidders. A total of 35 bidders participated in the auction.

While 21 bidders took part in the auction for the SCO sites,8 were for booths and 6 for the residential plots.

The highest bid for an SCO plot was received for site number 677-C in Sector 70,which fetched Rs 6.05 crore,32.6 per cent more than the reserve price of Rs 456.24 lakh while a booth site number 1 in Sector 71 evoked the highest bid of Rs 41 lakh,which was 9 per cent more than reserve price of Rs 37.73 lakh. The lowest bid of Rs 2.2 crore was received for an SCO site number 4 in Sector 71 . The auction would continue on Friday .

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