REVENUE TO BE UTILIZED FOR DEVELOPMENT OF NEW URBAN ESTATES: HOUSING AND URBAN DEVELOPMENT MINISTER
Chandigarh , August 22:
The Greater Mohali Area Development Authority (GMADA) has recorded its best-ever performance in property auctions, successfully auctioning 27 properties and generating total revenue of Rs. 5,391 crore.
Sharing further details, Housing and Urban Development Minister S. Hardeep Singh Mundian said that the auction, which was scheduled to conclude on August 20, 2026, was extended until the early morning of August 21 due to intense competition among bidders for the properties. He said that a total of 36 properties had been put up for bidding in the auction which commenced on July 20.
S. Hardeep Singh Mundian said the auctions conducted by GMADA from time to time under the leadership of Chief Minister S. Bhagwant Singh Mann have received an overwhelming response from investors. With major investors setting up their projects in Mohali in the near future, the city would gain a distinctive identity at the national level besides giving a major boost to the state’s economy and creating new avenues of employment, he added.
S. Hardeep Singh Mundian said that the reserve price of the properties put up for auction was fixed at Rs. 3,872 crore while the Authority earned total revenue of Rs. 5,391 crore through their successful auction. He said that this revenue would be utilized for the development of new urban estates within the jurisdiction of GMADA.
Notably, the properties auctioned include mixed land-use, hotel, hospital and commercial sites located in various sectors and projects of Mohali.
