HOUSING AND URBAN DEVELOPMENT MINISTER ATTRIBUTES SUCCESS OF E-AUCTION TO INVESTOR-FRIENDLY POLICIES OF BHAGWANT SINGH MANN LED GOVERNMENT
REVENUE GENERATED TO BE UTILIZED FOR DEVELOPMENT: HARDEEP SINGH MUNDIAN
Chandigarh, March 7:
In a major boost to Punjab’s real estate sector and investor confidence, the e-auction of properties conducted by the Greater Mohali Area Development Authority (GMADA) witnessed an overwhelming response from investors and generated revenue of nearly Rs.3136.97 crore. The e-auction which commenced on January 14, 2026 concluded late Friday night.
Housing and Urban Development Minister S. Hardeep Singh Mundian informed that out of the total 42 properties put up for bidding, 37 sites were successfully auctioned.
Describing the outcome as a remarkable success, S. Hardeep Singh Mundian said that bids were received for nearly 90 percent of the properties offered. The sites that had a reserve price of Rs.2018.84 crore were ultimately sold for Rs.3136.97 crore. He informed that this marks the highest revenue ever generated by GMADA through a single e-auction.
The Cabinet Minister attributed the success of the e-auction to the investor-friendly policies of Chief Minister S. Bhagwant Singh Mann led government, saying that the consistent success of such e-auctions has encouraged substantial investment in the real estate sector across the state. The decision to rationalise property prices, based on realistic market assessment and aimed at preventing unreasonable price escalation, also played a key role in attracting strong participation in the auction, he added.
The Housing and Urban Development Minister said that the revenue generated from the auction will be utilised by the development authority to undertake development projects and establish new benchmarks of urban infrastructure within its jurisdiction.
