GMADA auction grosses over Rs 170 cr
Sep 24, 2015
Source : Toi

MOHALI: Greater Mohali Area Development Authority (GMADA) earned more than Rs 170.93 crore through the auction of various commercial sites in the Sector-70, Community Centre on Wednesday. Commercial chunk, group housing, school, hotel and food court sites and Greater Mohali Area Development Authority (GMADA) were the top grossers.

This was the fifth auction of GMADA this year and the second successful auction. The previous one left GMADA richer by Rs 226 crore. The highest bid of Rs 105.52 crore was for hotels (with minimum of 100 rooms) and commercial site in Sector-67, which is spread over 4.19 acres. It was sold to a Delhi based construction company against the reserve price of Rs 105.49 crore.

The Food Court site located in Sector-62 got its bidder for Rs 32.90 crore against a reserve price of Rs 32.46 crore. The site, which sprawls over a 1.142 acre area, is the biggest food court site auctioned.

Another food court in Sector-62, which measures 1.13 acres is the second biggest food court. It was reserved for Rs 32.12 crore. A Delhi based private company took the site for Rs 32.50 crore. A GMADA official said, "We got satisfactory response, which shows that the real estate market will come up soon. We will be able to attract more bidders in the upcoming auctions."

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