Introduction: GMADA’s Successful Auction Brings a Boost to Mohali’s Real Estate
The recent property auction conducted by the Greater Mohali Area Development Authority (GMADA) marked a major boost in Mohali’s real estate sector. Held from October 18 to 29, the auction showcased 394 properties, generating an impressive ₹1,893.80 crore in revenue. This event saw strong demand for both residential and commercial plots, indicating Mohali’s rising appeal as a promising real estate destination.
Highlights of the Auction: Major Wins and Key Revenue Sources
Residential Plots Lead the Way
✅ The auction featured 394 sites, including commercial, residential, institutional and IT plots.
✅ A total of 345 properties were sold, with residential plots alone fetching ₹1,153 crore from the sale of 295 out of 298 sites.
✅ Key locations included Sectors 63, 64, 65, 68, 69, 70, 71, 78, Aerocity, Ecocity-1, Sector 82-A and 83-A.
High-Value Group Housing and Commercial Sites
✅ A group housing site in Sector 78 was sold for ₹163.87 crore, bought by Banson Projects.
✅ Four commercial sites in Sector 68 brought in ₹247.7 crore with notable buyers like Rupinder Bath, Tiwana Nutrition Global Private Limited and MGR Trading Company.
✅ A prime 0.84-acre commercial site in Sector 68 stood out, selling for ₹66.39 crore.
Significant Commercial and IT Property Sales
✅ The auction also saw strong performance in the commercial segment, with 26 SCOs (Shop-cum-Offices) sold, yielding ₹196 crore. The highest sale was an SCO in Sector 78’s Pocket-C, which sold for ₹10.92 crore.
✅ Among IT industrial plots in Sector 101 Alpha, five out of nine were auctioned for ₹70.27 crore.
✅ A petrol pump site in Sector 83-A brought in an additional ₹31.16 crore.
Mixed Results for Other Sites
✅ While some hotel sites found buyers, others remained unsold. In Sector 78, one hotel site sold for ₹33.47 crore, but two other hotel sites in Sector 66-B and a few mixed-use plots did not receive bids.
✅ School sites in Sector 80 and Ecocity-2 also failed to attract buyers.
Economic Impact: A Positive Sign for Mohali Real Estate
The success of this e-auction reflects growing investor interest in Mohali and adds considerable revenue to GMADA’s coffers. According to Harjinder Dhawan, president of the Mohali Property Association, real estate prices in the region have surged by around 40% over the past four years. He further noted that a reduction in Punjab’s stamp duty from 6% to 5%, aligning with neighboring states like Chandigarh and Haryana, could further accelerate growth in Mohali’s real estate market.
Reasons for High Demand: Why Mohali is a Prime Real Estate Destination
✅ Strategic Location and Connectivity
Mohali’s location near Chandigarh and its well-planned infrastructure make it attractive for both residential and commercial investments. Upcoming projects and improved road networks add to its appeal.
✅ Diverse Investment Options
GMADA’s auctions cater to varied needs, from residential plots to IT and industrial plots. This diversity allows both first-time investors and large developers to find options that suit their requirements.
✅ Growth in Commercial Sector
The high demand for commercial plots and group housing sites reflects Mohali’s growing commercial hub status. This is evident in the strong response to GMADA’s high-value commercial sites and the substantial interest from companies in sectors like IT and retail.
✅ Upcoming Developments and Future Prospects
GMADA’s recent projects, including Aerocity and Ecocity, are expected to boost the real estate market even further. The success of these auctions signifies investor confidence in future developments.
Implications of the Auction on Future GMADA Events
This auction builds on the success of GMADA’s recent property events, with increased success rates and high investor interest. In a prior auction in September, GMADA raised ₹2,505.45 crore from 35 properties, including a notable sale of a commercial site in Sector 62 for over ₹527.11 crore.
Challenges Faced: Unsold Properties and High Reserve Prices
Although the auction was mostly successful, a few properties, especially hotel sites and mixed-use plots, did not sell. The high reserve prices for these sites may have discouraged buyers. To attract more bids in future auctions, GMADA might think about lowering reserve prices or reassessing the types of properties on offer.
Conclusion: A Bright Future for Mohali’s Real Estate
GMADA’s successful auction underscores Mohali’s increasing appeal as a real estate investment hub. With strong demand for both residential and commercial sites, the city is fast becoming a preferred choice for investors. As GMADA continues to attract substantial investments, Mohali’s real estate market is set to experience steady growth in the coming years.
FAQ’s
1. Why did GMADA’s latest auction perform so well?
GMADA’s auction performed well due to Mohali’s strategic location, high demand for diverse property types and positive market sentiment for real estate.
2. What were the main revenue-generating properties in this auction?
Residential plots led the way, generating ₹1,153 crore, followed by group housing and commercial plots in prime sectors like 68 and 78.
3. Are Mohali property prices rising?
Yes, according to Mohali Property Association president Harjinder Dhawan, property prices in Mohali have risen by about 40% over the last four years.
4. Which properties remained unsold?
Some hotel and mixed-use plots in Aerocity and Sectors 66-B and 83 did not find buyers, likely due to high reserve prices.
5. How does GMADA plan to boost future auction success?
Reducing stamp duty from 6% to 5%, similar to neighboring states, could attract more buyers and further enhance Mohali’s appeal.
