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GMADA’s Midas touch: Rs 3,137-crore windfall as 37 of 42 sites sold
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Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only BenefitsThe first Greater Mohali Area Development Authority (GMADA) e-auction of 2026 concluded Friday midnight with a blockbuster outcome, as 37 of the 42 properties put on the block were sold, collectively fetching a whopping Rs 3,136.97 crore — a premium of over 55 per cent against a cumulative reserve price of Rs 2,018.84 crore. Only five sites drew no bids.
The auction, which opened on January 14, recorded spirited bidding across categories, underscoring renewed investor confidence in the Greater Mohali region.
A senior government functionary, sharing details exclusively with The Tribune, said the strong response was testimony to GMADA’s credibility and the Punjab government’s decision to rationalise reserve prices in line with genuine market realities. “The numbers speak for themselves. When you price properties fairly, the market responds fairly — and then some,” the official said.
Massive response across categories
Of the nine property categories put to auction, all booths — 12 in all spread across Sectors 59, 60 and 61 — were sold, as were all four IT industrial plots in Sector 101 Alpha, all seven residential plots in Sector 68, and both educational/institutional and group housing sites.
The auction witnessed participation from institutional investors, developers and individual buyers alike.
The highest single bid of the auction was recorded for the Mix Land Use (MLU) Plot 20-21, Sector 62, which fetched Rs 603.03 crore against a reserve of Rs 517.63 crore. Another MLU site — Plot 13, Sector 62 — attracted a bid of Rs 405.68 crore. Collectively, MLU properties auctioned fetched Rs 1,474.01 crore.
In the premium commercial segment, the Infosys educational plot in Sector 83 Alpha commanded a bid of Rs 238.05 crore (reserve: Rs 141.89 crore), while the institutional site near Plaksha University in Sector 101 Alpha sold for Rs 108.81 crore against its reserve of Rs 69.29 crore.
Hospital site: Nearly 4 times over reserve
The biggest proportional surge among large-ticket sites was registered by Hospital Plot A2 in Aerocity Block A, which fetched Rs 269.01 crore against a reserve of Rs 68.19 crore — nearly four times the floor price, yielding a premium of Rs 200.82 crore. The two Medicity hospital plots also sold comfortably above reserve — H1 at Rs 30.14 crore (reserve: Rs 15.70 crore) and H2 at Rs 28.11 crore (reserve: Rs 12.86 crore).
Aerocity draws strong housing interest
Both group housing plots in Aerocity Block G found buyers. The larger Plot No. 2, measuring 6.19 acres, fetched Rs 311.74 crore against a reserve of Rs 199.09 crore (approximately Rs 200 crore), representing a premium of over 56 per cent. Its neighbour, Plot No. 1, was sold at Rs 141.27 crore, marginally above its reserve of Rs 139.18 crore — the narrowest margin in the entire auction.
IT industrial sites in high demand; fetch 3x reserve
All four IT industrial plots in Sector 101 Alpha drew competitive bids. Together, the four sites fetched Rs 286.48 crore against a combined reserve of Rs 96.66 crore — nearly three times the floor price. Industrial Plot I-1278 was the frontrunner, selling at Rs 75.37 crore against a reserve of Rs 24.43 crore.
Petrol pump site: A redemption story
Among the most striking turnarounds of the auction was the petrol pump site Block B-1, IT City, Sector 83 Alpha. It fetched Rs 30.62 crore — almost six times its reserve price of Rs 5.45 crore. The same site had drawn zero bids last year when its reserve was pegged at Rs 21 crore. The dramatic markdown in reserve price — and the equally dramatic bidder response — is being cited as the clearest vindication of the Punjab Cabinet’s decision to rationalise rates to realistic market levels.
Booth in sector 59 fetches 12x its reserve
The most eye-catching proportional jump in the auction belonged not to a large commercial site but to an unassuming commercial booth. Booth No. 38, Sector 59, with a modest reserve of Rs 56.91 lakh, attracted ferocious bidding and ultimately sold for Rs 6.87 crore — nearly 12 times its floor price. The booth frenzy was broadly mirrored across the sector, with all 12 booth sites going under the hammer well above reserve.
Residential plots in sector 68: All sold, all above reserve
All seven residential plots in Sector 68 found buyers, collectively fetching Rs 25.01 crore against a combined reserve of Rs 7.64 crore — over three times the floor price. Plot 1052-C commanded the highest residential bid at Rs 40.24 crore, while Plot 1064 yielded Rs 32.40 crore.
Five sites draw no bids
Five sites did not attract any bids. These include three large Mix Land Use tracts — the previously designated Truck Terminal site adjoining Eco City-1 (30 acres, reserve Rs 1,311.18 crore), MLU Plot 30-34 in Sector 62 (28.08 acres, reserve Rs 1,213.72 crore), and MCH1-MU-1 in Medicity (28.22 acres, reserve Rs 961.01 crore) — along with a hotel plot in IT City Sector 66 Beta (reserve Rs 105.52 crore) and a hospital site HO2-Medicity (reserve Rs 58.41 crore).
The official said GMADA would review the reserve prices for unsold sites before relaunching them, consistent with the government’s policy of keeping rates aligned with market realities.
Price rationalisation: The turning point
This was the first GMADA e-auction conducted after the Punjab Cabinet, led by Chief Minister Bhagwant Mann, approved the normalisation of reserve prices of unsold properties to bring them in line with genuine market values. Preceding auctions had seen several sites languish unsold owing to reserve prices that were perceived as unrealistic. The petrol pump site’s journey from a Rs 21-crore no-bid last year to a Rs 30.62-crore sold outcome this year — at a fraction of the earlier reserve — encapsulates the policy shift.
CM’s statement
“This auction is proof that transparency and fairness are the best instruments of governance. When we rationalised prices to reflect true market values, we were not giving anything away — we were removing an artificial barrier that was keeping buyers out and revenues in. Every rupee earned today belongs to the people of Punjab. Our government has ensured a level playing field where every bidder competes on merit, not connections. The resounding response endorses our decision and gives us the confidence to take this model forward,” said Punjab Chief Minister Bhagwant Mann.
Category-wise auction scorecard
Property Category
Auctioned
Sold
Unsold
Reserve Price (Rs Cr)
Auction Price (Rs Cr)
Booth
12
12
0
9.05
21.49
Educational/Institutional
2
2
0
211.18
346.86
Group Housing
2
2
0
338.26
453.01
Hospital
4
3
1
155.16
327.27
Hotel
3
2
1
239.20
172.21
IT Industrial
4
4
0
96.66
286.48
Mix Land Use
7
4
3
4606.65
1,474.01
Petrol Pump
1
1
0
5.45
30.62
Residential
7
7
0
7.64
25.01
Total
42
37
5
5,668.68
3,136.97
Mix Land Use reserve price includes three large unsold sites worth Rs 3,485.91 crore. Sold MLU sites fetched Rs 1,474.01 crore.
Bid highlights
Parameter
Property
Bid Price
Reserve Price
Premium
Highest bid (by amount)
Plot 20-21, Sector 62 (Mix Land Use)
Rs 603.03 crore
Rs 517.63 crore
1.16x
Highest bid vs reserve (times)
Booth No. 38, Sector 59
Rs 6.87 crore
Rs 0.57 crore
Rs 12x
Highest absolute premium
Hospital Plot A2, Aerocity Block A
Rs 269.01 crore
Rs 68.19 crore
Rs 3.95x
Lowest rise vs reserve
Group Housing Plot 1, Aerocity Block G
Rs 141.27 crore
Rs 139.18 crore
Rs 1.5 per cent
Lowest bid (by amount)
Booth No. 35, Sector 59
Rs 75.97 lakh
Rs 56.91 lakh
Rs 34 per cent
Unsold sites
Property
Category
Reserve Price (Rs Cr)
Previously Truck Terminal, Adjoining Eco City-1 (30 acres)
Mix Land Use
1,311.18
Plot No 2, IT City Sector 66 Beta (4.01 acres)
Hotel
105.52
MCH1-MU-1, Medicity (28.22 acres)
Mix Land Use
961.01
HO2-Medicity (4.54 acres)
Hospital
58.41
Plot No 30-34, Sector 62 (28.08 acres)
Mix Land Use
1,213.72
Auction at a glance
Total Sites Auctioned
42
Sites Sold
37
Sites Unsold
5
Total Reserve Price (Sold Sites)
Rs 2,018.84 crore
Total Auction Price
Rs 3,136.97 crore
Premium Over Reserve
Rs 1,118.13 crore ( 55.4 per cent)
Auction Period
January 14-March 7, 2026
(SOURCE: GMADA)
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posted by DOMNIC @ March 07, 2026
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