Eight aspiring homeowners secured residential plots to ring in the auspicious Diwali season, as property rates in Mohali witnessed a festive surge during the latest GMADA e-auction.
The Greater Mohali Area Development Authority (GMADA) had offered 165 properties, including 126 SCOs (shop-cum-offices) and 15 residential plots.
As the auction concluded on Wednesday, the authority managed to sell 63 SCOs, eight residential plots and one booth, raking in an impressive ₹1,911 crore from 72 properties in all.
Among the residential plots sold, a 430 square yards site in Sector 68 went for ₹8.86 crore against a reserve price of ₹8.32 crore.
In comparison, during the previous auction held in August this year, a slightly larger 500 square yards residential plot in Sector 65 was sold for ₹6.74 crore against a reserve price of ₹6 crore.
A cluster of four SCOs in Aerocity Block C brought in ₹80 crore against the reserve price of ₹65 crore. Another SCO in the same block, measuring 418 square metres, was bought for ₹25 crore compared to the reserve price of ₹16 crore.
But there were no takers for two petrol pump sites, five school sites, seven mixed-use sites and nine hotel sites, reflecting cautious investor sentiment in those categories.
Although the total revenue of ₹1,911 crore from this auction fell short of the reserve price benchmark of nearly ₹12,000 crore, it marked a 98% jump from August’s auction, which had earned ₹961 crore from the sale of 65 of 167 properties on offer.
GMADA chief administrator Vishesh Sarangal termed the response as encouraging, noting that rates for both residential and commercial properties rose by nearly 20%.
Deepak Garg, chairman of the Real Estate Sectoral Committee, Punjab, added, “Mohali is emerging as a major investment destination in the real estate sector. We are now competing with Gurugram, as investors from across the region are showing strong interest, particularly in projects along Airport Road. The increased participation and aggressive bidding highlight a renewed investor confidence in Mohali’s property market, especially for premium residential and commercial plots.”