GMADA fails to sell commercial land in Mohali again

The Greater Mohali Area Development Authority (GMADA) has once again failed to sell a key piece of land near the YPS protest site. The protest by the Qaumi Insaaf Morcha has been ongoing since January 2023, preventing any sales in that area. This recent auction saw GMADA bring in ₹1,986.82 crore from the sale of 368 properties between March 12 and March 22. However, no bidders showed interest in the 6.30-acre commercial site in Sector 62, which is currently occupied by protest tents. The participation fee for this land was ₹5 crore, with a reserve price set at ₹384.48 crore. In contrast, a similar 6.64-acre site sold for ₹527.11 crore last September, indicating high demand for certain properties. During this auction, a total of 453 sites were available, including residential, commercial, and mixed-use properties. However, 85 sites did not attract any bidders. Some unsold properties had been listed for auction multiple times due to their high reserve prices. This included two school sites and two hotel sites, which also failed to get bids. Despite these challenges, GMADA sold several mixed-use sites in Aerocity for substantial amounts, with one selling for ₹264.69 crore. The previous auction in October 2024 had generated ₹1,893.80 crore from the sale of 345 properties. GMADA continues to explore opportunities to attract buyers, but the ongoing protests are complicating efforts in certain areas.