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e-auction of properties fetches Rs 52.36 crore
The Tribune  |  February 13, 2019

Akash Ghai Tribune News Service Mohali

The Greater Mohali Area Development Authority (GMADA) has earned Rs 9.26 crore from the sale of eight booth sites and one residential plot in the e-auction, which concluded on Tuesday.

 

The Department of Punjab Housing and Urban Development generated Rs 52.36 crore through the 10-day e-auctioning of properties by the GMADA, Patiala Development Authority (PDA), Bathinda Development Authority (BDA) and Greater Ludhiana Area Development Authority (GLADA), Amritsar Development Authority (ADA) and Jalandhar Development Authority (JDA).

 

According to the spokesperson of the department, a total of nine sites under the jurisdiction of GMADA have been disposed of in the e-auction. “The highest bid of Rs 1.16 crore was received for a booth in Sector 68, followed by Rs 1.10 crore for a similar site in Sector 60 here. “The other booth sites in Sectors 64 and 61 went for Rs 1 crore and Rs 85 lakh, respectively,” the spokesperson said and added that a plot measuring 219.48 sq m in Sector 64 was auctioned for Rs 1.64 crore.

 

Shailendra Anand, former chairman of Mohali Property Dealers’ Association, termed the development a positive sign for real estate arena here. “The demand for property in the market has improved, which is a good sign. Earlier, genuine buyers were missing from the market and there was an acute property slump. Now, properties have started fetching good price, which is evident from the currently held e-auctions by GMADA,” Anand said.

 

Meanwhile, a school site in Sector 32-A on the Chandigarh-Ludhiana road earned Rs 4.89 crore. Besides, revenue to the tune of Rs 14.37 crore in GLADA, Rs 5.17 crore in PDA, Rs 3.64 crore in BDA, Rs 11.26 crore in JDA and Rs 8.66 crore in ADA was generated in the auction.