Greater Mohali authority has cut auction reserve prices of plots by 20%

Q: It is said that in this auction, nursing home sites in sectors 67 and 69, a primary school site in Sector 64, and residential sites in Aero City will go under the hammer.

Harleen K, Chandigarh

1st February 2016

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reduction in reserve prices of plots

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Replies (3)

We can not ignore it that the real estate market has not moved up since the past several years, and the prices, even after slashing, are still high. You will see that buyers won't fall for it. They know that this is nothing but a trick to attract buyers.

Suhail, Delhi-NCR

1st February 2016

Comment

Hi Harmeet,
Do you know that the reserve prices of almost all the sites to be auctioned have been cut by 20% to attract real estate buyers in slow property market. The reserve price for the sites falling under institutional areas, like nursing homes, has witnessed a drop of 10 to 20%.

Balwinder Singh,

1st February 2016

Comment

Hi Balwinder,
Gmada had tried to auction these sites about 5 times, but they remained unsold. Now, as per Gmada's policy and rules of auction, the reserve prices of these sites must be cut by 20%.

Harmeet Kaur,

1st February 2016

@Harmeet,
But remember that the reserve prices have been cut by up to 20% for commercial sites and other sites to be auctioned as per Gmada's policy. They are making an effort to sell their pending sites this year, and are hoping for a good response this time.

Balwinder Singh,

1st February 2016

But expert are saying that this cut in reserve price is not enough to attract buyers. Property consultants think that a 20% reduction means nothing, and the administration must invent some new policy to attract buyers of real estate.

Mritunjoy Deb,

1st February 2016

I heard that ffter a series of mess up auctions at various sites, the Greater Mohali Area Development Authority (Gmada) is again planning to go ahead with the exercise for more than 23 commercial, residential, and institutional sites on 5th February.

Mritunjoy Deb,

1st February 2016

Comment

Hi Mritunjoy,
In this auction, nursing home sites in sectors 67 and 69, a primary school site in Sector 64, and residential sites in Aero City will go under the hammer. Apart from these, Gmada's 4 booth sites, a shop-cum-flat, and 13 residential sites in sectors 61, 63, 64, and 68 will also be a part of the auction.

Harmeet Kaur,

1st February 2016