Mohali: GMADA’s 48-acre reclassified EWS land goes under hammer
The e-auction for six group housing sites, which started on April 13, will continue till 12 noon on April 22; GMADA will sell these sites with a total reserve price of ₹1,214.52 crores and is expecting to fetch up to ₹2,000 crores in case of a successful auction
The Greater Mohali Area Development Authority (GMADA) has started an e-auction of 48.72 acre of land which was earlier meant for Economically weaker sections (EWS) but now has been converted to residential group housing sites in Mohali.
Notably, the Punjab Government in February had approved the policy to sell the scattered chunks of EWS land in different housing societies through e-auctions across the state. The government will further acquire a total 1,500 acres across the state to build the EWS accommodations to benefit the poor.
The e-auction for six group housing sites, which started on April 13, will continue till 12 noon on April 22.
GMADA will sell these sites with a total reserve price of ₹1,214.52 crores and is expecting to fetch up to ₹2,000 crores in case of a successful auction.
A group housing site with the highest reserve price of ₹463.93 crore in Mohali Hills, Sector 110, measuring 18.62 acres, is also under the hammer in the auction. The bidders will have to deposit ₹5 crore earnest money for the participation for the said land chunk.
Another group housing site in Wave Estate in Sector 99 measuring to 8.71 acres has a reserve price of ₹217.15 crore and the bidders will have to deposit ₹5 crore earnest money.
GMADA has included another 3.52 acre in the auction located in Wave Estate, Sector 99, with a reserve price of ₹87.79 crore with participation fee set to ₹2 crore.
Meanwhile, a site of 7.92 acres in Unitech housing society in Sector 97 has been included in the auction with a reserve price of ₹197.48 crores and ₹5 crore earnest money. GMADA will also auction two such sites in Pearls city in Sector 104. Notably, the Pearls city projects remained in controversy as many investors were fighting legal battles.
A group housing site measuring 4.98 acres in Pearls City with a reserve price of ₹124.20 crore and ₹2 crore earnest money, along with another 4.97 acres site with a reserve price of ₹123.97 crore and ₹2 crore, participation are also included in the e-auction.
“We converted EWS land in group housing sites and after selling them, we will acquire land for construction of EWS accommodations in Mohali,” said Ravinder Singh, estate officer (plots) (auction), GMADA.
For details, interested person can visit https://puda.enivida.com or bidders can also contact on toll free number 18001800062 or email at office@puda.gov.in.
