Commercial site in Mohali sold for Rs 83 cr
A commercial site of 0.84 acre in Sector 68 behind the National Institute of Pharmaceutical Education and Research (NIPER) was sold for Rs 83.30 crore in the Punjab Urban Development Authority (PUDA) e-auction that concluded today. It roughly translates into Rs 100 crore as the price of 1 acre in the heart of the city. It was bought by the MGR Tradinh company.
As many as 25 bids were placed for this prime land, which had a reserve price of Rs 55.17 crore. Properties worth Rs 2,000 crore at 13 cities, including Mohali, New Chandigarh, Ludhiana, Jalandhar, Amritsar and Patiala, were up for grabs, from which the government earned around 1,988 crore. The bidders applied for group housing, schools, commercial plots and other properties, such as SCOs/SCFs and booths in the auction.
A mixed use site (18,223 sq m) in Aerocity Block B was bought for Rs 264.69 crore by Gaurav Infra LLP. Another two sites measuring 14,059 sq m and 13,766 sq m in the same locality went for Rs 189 crore (Springstone Developers) and 188 crore (Krishna Infra Projects) respectively.
Plots measuring 83.61 sq m in Ecocity-2 were sold for more than Rs 1 crore each. Three SCOs measuring 100 sq m in Sector 70 were sold for above Rs 7.20 cr each.
“As many as 457 residential plots in Mohali and New Chandigarh, three commercial sites in Sector 62 and Sector 68 were put up in the auction. As many as 88 SCOs, 26 shops, 13 booths, three school sites and an equal number of hotel sites were also available,” said an official of the Greater Mohali Area Development Authority, adding that automated bidding continued till around 4 pm as bids kept on increasing.
Real estate sources said the property rates had gone up but genuine bidders were able to get their properties. Many bidders said small plots (ranging between 125 sq m and 140 sq m) were auctioned for over 1.70 crore.
Meanwhile, a Sector 70 resident RP Singh, one of the bidders, complained that there were some hiccups with the e-auction portal as the price of a Sector 79 plot (2018), measuring 400 sq yd, shot up to Rs 733 crore from the time when he applied for it at Rs 2.15 crore as online bid. He said his Rs 7.5 lakh was stuck in the bid for this plot and he couldn’t apply for other properties also.
