The Greater Mohali Area Development Authority (GMADA) witnessed a strong response during its latest property e-auction, as residential and commercial plots attracted robust bidding ahead of the Diwali season. Among the highlights, a 430-square-yard residential plot in Sector 68 sold for ₹8.86 crore, surpassing its reserve price of ₹8.32 crore.
The auction, held on Wednesday, offered 165 properties, including 126 shop-cum-offices (SCOs), 15 residential plots, and a few other commercial sites. By the close of the event, 63 SCOs, eight residential plots, and one booth were sold, generating a total revenue of ₹1,911 crore from 72 properties. This marks a 98% increase from GMADA’s previous August auction, which had yielded ₹961 crore from 65 properties.
Deepak Garg,Chairman of the Real Estate Sectoral Committee, Punjab, highlighted the strategic significance of Mohali for investors: “Mohali is rapidly becoming a preferred choice for residential and commercial investments. With strong participation in the auction and aggressive bidding, we see renewed confidence in the market, particularly along Airport Road and key commercial corridors,” he said.
The surge in property rates reflects growing investor confidence in Mohali as a premium residential and commercial destination. During the auction, a cluster of four SCOs in Aerocity Block C fetched ₹80 crore against a reserve of ₹65 crore, while another SCO of 418 sq m in the same block was sold for ₹25 crore compared to its ₹16 crore reserve price.
However, some specialized categories such as petrol pump sites, school sites, mixed-use plots, and hotel plots remained unsold, indicating selective investor interest in certain segments.
Comparing with previous sales, the new high for a residential plot—₹8.86 crore for 430 sq yards—outshines the August auction, where a 500-sq-yard plot in Sector 65 sold for ₹6.74 crore against a reserve of ₹6 crore. This uptick signals increasing demand for premium plots, particularly in sectors strategically located along key roads and emerging hubs.
GMADA’s Chief Administrator, Vishesh Sarangal, described the auction results as “encouraging,” noting a near 20% rise in rates for both residential and commercial properties. He emphasized that investor interest continues to grow as Mohali emerges as a competitive real estate destination alongside established hubs like Gurugram.
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