GMADA manages to sell 18, earns Rs 17.52 crore

by Paul Joseph on June 30, 2013 · 0 comments

Showing no signs of a turnaround in the slump in the real estate sector, an auction of commercial sites in Mohali by the Greater Mohali Area Development Authority (GMADA) fetched only Rs 17.52 crore from 18 sites out of a total of 66 sites. Though Tuesday’s auction showed a marginal improvement from the previous GMADA auction when only 13 out of the 66 commercial sites were sold, overall the auction remained a dull affair. The response to this auction is likely to have a cascading impact on the prospects of similar auctions being planned by the Chandigarh Administration for properties in Chandigarh and by the Haryana Urban Development Authority (HUDA)

[via India Properties - Real Estate India - Indian Property News Site]

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