GMADA is betting on hotel and group housing societies instead of the residential sites
Despite the slowdown in real estate market in the district, the Greater Mohali Area Development Authority (GMADA) will put nine hotel sites in the e-auction of properties for the first time. Apart from hotel sites, three Group Housing sites in New Chandigarh (Mullanpur Garibdas) and IT city in Mohali will also be auctioned.
The e-auction began on February 5 and will conclude on February 14. GMADA has put 20 sites for auction which include commercial as well as residential sites. This time GMADA is betting on hotel and group housing societies instead of the residential sites. According to information, nine hotel sites have been put on auction in Sector 66-B which also includes area of IT city.
“Yes, it is for the first time that so many hotel sites were put up in a single auction. This time GMADA is putting efforts to sell commercial sites instead of residential sites. We decided to do so as some major players are coming to the city,” said a GMADA official.The body is also putting three group housing societies, one in IT city and two in Medi-city. Both the areas are in development stage. Commercial pockets located in the Gateway City on Kharar-Chandigarh road will also be auctioned. As many as 23 sites which include the Shop-cum-Office (SCOs) sites, will put up for auction.
Apart from this GMADA, is also auctioning a school site in Eco-city 1, a petrol pump site in New Chandigarh and a site for Punjab Institute of Co-operative Training Limited (PICT) in Lohgarh area of Zirakpur. A one-acre site for setting up a rehabilitation center in Sector 66 will also be auctioned.
“With the slowdown in the real estate market, GMADA put emphasis on the commercial sites. We are hopeful to find the buyers for the same,” added a GMADA official overseeing the auction.