The Greater Mohali Area Development Authority (GMADA) has generated ₹1986 crore through the auction of commercial and residential properties, falling just ₹14 crore short of the ₹2000 crore milestone.
The auction witnessed strong interest in residential properties, reflecting a shift in buyer preference toward New Chandigarh. Among the major transactions, Gaurav Infra LLP purchased an 18,223 sqm mixed-use site in Aerocity B Block for ₹264.69 crore. Two additional sites in the same locality—spanning 14,059 sqm and 13,766 sqm—were sold for ₹189 crore (Springstone Developers) and ₹188 crore (Krishna Infra Projects), respectively.
In another significant deal, a 0.84-acre plot in Sector 68 fetched ₹82.50 crore, further emphasizing the growing demand for residential plots in the region. As New Chandigarh continues to develop with enhanced infrastructure and connectivity, more homebuyers and investors are viewing it as a prime location for future residential projects.
GMADA’s Chief Administrator, Vishesh Sarangal, acknowledged the auction results, noting that while several properties were successfully sold, some plots remained unsold. “There were a few sites that did not sell in this auction, but we are preparing for the next round, where we expect better results,” Sarangal stated.
This auction underscores Mohali’s increasing appeal as a real estate hub, particularly in New Chandigarh, which is benefiting from ongoing infrastructure improvements, better road networks, healthcare facilities, and educational institutions. Its proximity to Chandigarh further enhances its appeal, offering a peaceful yet well-connected living environment.
GMADA’s auction results indicate a market shift toward residential properties, driven by post-pandemic housing demand, suburban living preferences, and competitive land prices in New Chandigarh.
Looking ahead, GMADA is preparing for another auction, focusing on high-demand sectors to ensure better participation and higher sales.
© The Indian Express Pvt Ltd
