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.

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.