Mohali: Two large sites account for nearly half of the total reserve price in the latest e-auction of 42 prime properties launched by the Greater Mohali Area Development Authority (Gmada), reflecting a sharply skewed value distribution in the auction portfolio.
While the cumulative reserve price of all properties stands at Rs 5,432 crore, the two biggest sites alone carry a combined reserve price of over Rs 2,524 crore.
Officials said one of the high-value parcels is a 27.77-acre site in Sector 62, Mohali, with a reserve price of Rs 1,213 crore. The second major plot, spread across about 30 acres in Eco City-I, has been listed for Rs 1,311.18 crore. Together, these two sites constitute nearly 50% of Gmada’s revenue expectations from the current auction.At the lower end of the spectrum, the smallest reserve price — Rs 57 lakh — has been assigned to five small properties in Sector 59, underscoring the wide variation in plot sizes and categories on offer.All 42 sites in the current auction are part of Gmada’s long-pending unsold inventory — plots that failed to attract bidders in four to five previous e-auctions. To address the persistent lack of demand, the Punjab govt recently approved a 22% reduction in reserve prices. The rationalisation aims to revive market interest, with the state expecting to generate Rs 5,000 crore to Rs 10,000 crore from the revamped pricing.The unsold stock includes residential plots, SCOs, group housing sites, industrial and institutional plots, and hotel parcels — many of which have remained stuck for nearly five years despite repeated attempts to auction them.Under the new pricing framework, reserve rates are being re-computed on the basis of independent valuations.
The average of assessments submitted by three independent valuers is being adopted as the revised reserve price, subject to approval. These new prices will remain valid for one calendar year. If sites remain unsold, the policy permits an additional 10% cut, followed by a further 5% reduction after due approvals.Gmada officials said more properties are likely to be brought under the hammer once the ongoing e-auction concludes, as the authority moves to clear its backlog and boost revenues through more realistic, and market-linked pricing.
