Commercial Property in Mohali Sells for ₹83 Crore!

Massive ₹83 Crore Commercial Property Sale Shakes Mohali Market!

A 0.84-acre commercial site in Sector 68, located behind NIPER, was sold for ₹83.30 crore in the PUDA e-auction that ended today. This sale amounts to...

A 0.84-acre commercial site in Sector 68, near NIPER, was sold for ₹83.30 crore in the PUDA e-auction that ended today. This equates to around ₹100 crore per acre in the city’s core. MGR Trading Company secured the deal.

The prime land saw 25 bids, surpassing its ₹55.17 crore reserve price. Properties worth ₹2,000 crore across 13 cities, including Mohali, New Chandigarh, Ludhiana, Jalandhar, Amritsar, and Patiala, were auctioned, generating ₹1,988 crore for the government. Bidders competed for group housing, schools, commercial plots, SCOs/SCFs, and booths.

A mixed-use site (18,223 sq m) in Aerocity Block B was acquired by Gaurav Infra LLP for ₹264.69 crore. Two other sites, spanning 14,059 sq m and 13,766 sq m, were purchased by Springstone Developers for ₹189 crore and Krishna Infra Projects for ₹188 crore, respectively.

Plots of 83.61 sq m in Ecocity-2 were sold for over ₹1 crore each, while three SCOs of 100 sq m in Sector 70 fetched more than ₹7.20 crore each.

"457 residential plots in Mohali and New Chandigarh, along with three commercial sites in Sector 62 and Sector 68, were auctioned. The auction also included 88 SCOs, 26 shops, 13 booths, three school sites, and three hotel sites," said an official from the Greater Mohali Area Development Authority, adding that automated bidding lasted until around 4 pm as bids kept rising.

Real estate sources stated that property prices had risen, but genuine buyers still secured their plots. Several bidders mentioned that small plots (125 sq m to 140 sq m) were auctioned for over ₹1.70 crore.

Meanwhile, RP Singh, a Sector 70 resident and bidder, reported issues with the e-auction portal. He claimed that a 400 sq yd plot in Sector 79 (2018) saw its price soar to ₹733 crore from his initial online bid of ₹2.15 crore. He further stated that his ₹7.5 lakh remained stuck in the bid, preventing him from applying for other properties.