|
|||||||||||||
|
||||||||||||||
|
GMADA Auction Flops, Plots Go Unsold By akanshaa, Section Punjab Real Estate  The real estate market in Mohali failed another test on Tuesday, as the open auction of freehold commercial and residential sites by the Greater Mohali Area Development Authority (GMADA) turned out to be a flop show.The eight residential sites up for sale had no takers, and of the 45 commercial properties, only 12 were auctioned. This year's first and seventh since its inception, the auction made GMADA richer by Rs 25.79 crore, which was mere 8.1 per cent more than the reserve price of Rs 23.86 crore. Of the 12 commercial sites, seven were booths (three in Sector 67 and two each in Sectors 68 and 71), three SCOs (in Sector 70) and two SCFs (in Sector 71), GMADA Estate Officer (EO) Balbir Singh Dhol said. But 23 booths, eight SCOs and two SCFs did not have any buyers 29 bidders participated in the auction, which lasted for around four hours. As anticipated, not a single bid was received for the seven (one kanal each) residential plots in Sector 71. Though five bidders were interested in a partly constructed HIG house in Sector 48-C, a court order had stayed its auction. EO Dhol blamed recession for the poor response. But realtors attributed it to the high reserve price, in case of residential properties, and lack of basic amenities, in case of commercial sites. Source: The Indian Express By Nitin Jain GMADA auction flops, plots go unsold Click On "Full Story" For More....
"When property is available in the market at 25-40 per cent less than reserve price, who would buy from GMADA?" reasoned realtor Karan Bali. He added potholed roads and erratic power and water supply were the reason for the lacklustre response. Dhol said, according to rules, the reserve prices were 90 per cent of the highest price at which the same category of property was sold in the last auction. "But lack of basic amenities could be one of the reasons," Dhol said. "We would take care in future and develop the area before selling properties in it." Compared to the previous auction, SCOs and SCFs became cheaper while the rates of booths went up in Tuesday's auction. The highest bid (Rs 5.41 crore) for an SCO site in Sector 70 was 10.57 per cent less than the price (Rs 6.05 crore) at which a SCO site in Sector 70 was sold in the previous auction held in September last year.
|
Related Links. plots. real estate . QBTPL . GMADA auction flops, plots go unsold . Also by akanshaa |
