e-auction fetches GMADA Rs 2.5K crore

The Greater Mohali Area Development Authority (GMADA) has fetched Rs 2,505.45 crore from the e-auctioning of its residential, commercial, institutional and chunk sites in Sector 62, Eco City-1 and Aerocity. The auction, which began on September 6, concluded today.

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The bidders will have to pay 25 per cent of the bid amount within five days.

The grapevine in the real estate circle today evening was that a booth in the upscale Phase 3B2 market was bought for Rs 7 crore. Old hands say normally a booth in the area was available for Rs 2 crore.

Continuing with the trend, a 121 sq yard showroom in Phase 10 was bought for Rs 10 crore. In installments, the cost would stretch up to Rs 12.5 crore. With another Rs 1 crore as miscellaneous charges, the cost would finally settle at around Rs 14 crore. Normally, a showroom of that size and location is available at a price of around Rs 7 crore.

It remains to be seen whether the buyers actually cough up the bid money or a ploy to inflate prices ends with the forfeiture of initial amount, around Rs 2 lakh.

GMADA auctioned two commercial chunks in Sector 62, a chunk each in Eco City-1 and Aerocity, three group housing sites in Sector 66, Eco City-2 and Medicity, besides 16 SCOs and 12 booths in different sectors of Mohali.