GMADA extends e-auction till Oct 25

Tribune News Service

Mohali, October 22

The Greater Mohali Area Development Authority (GMADA) has extended its ongoing e-auction till October 25. The decision has been taken due to public holidays last week.

Giving information, the GMADA spokesperson said the e-auction, which was earlier scheduled to culminate on October 18, would now end at 3 pm on October 25.

“Considering a spell of holidays in the past few days, we have decided to give sufficient time to the bidders. Thus the auction that began on October 10 has been extended,” said the spokesperson.

It is to be noted that properties worth around Rs 1,000 crore have been put on offer in this e-auction in Mohali district only. The properties included SCOs, booths, flats, residential and industrial plots and institutional sites such as hotel, school, commercial chunk, mixed land use and hospital/nursing home sites.

The most expensive property in the auction is 6.69-acre site (mixed land use) in Sector 62. Its reserve price has been fixed at Rs 219.60 crore. Other expensive properties include a 10-acre hotel site in Sector 66-B (IT City) with reserve price of Rs 189.78 crore; 5.10-acre (mixed land use) site in Sector 62 with reserve price of Rs 167.41 crore; 4.53-acre (commercial chunk) site in Sector 68 with reserve prices of Rs 135.99 crore and 3.66-acre (mixed land use) site in Sector 66 with reserve price of Rs 101.28 crore.

“For institutional sites of value of more than Rs 50 crore and IT City industrial plots of 0.5 acres and above, repayment can be done in seven years. The possession of these industrial plots will be given on 15 per cent payment. The department has made the procedure of e-auction user-friendly,” said the spokesperson.