After evoking a lukewarm response on Thursday, the auction of commercial and residential freehold sites in Mohali on Friday turned out to be a damp squib.

The Greater Mohali Area Development Authority (GMADA) managed to sell only three of the total 40 sites put under the hammer on the last day of the two-day auction. While all the three sold sites were commercial, including two shop-cum-offices (SCOs) in Sector 68 and 70, besides a booth in Sector 71 here, there were no takers for any of the residential plots.

Today, 31 commercial sites, including 12 SCOs, two shop-cum-flats (SCFs) and 17 booths in Sectors 67, 68, 69, 70, 71 and Phase 3-A, besides nine residential plots, including a one kanal site in Sector 69, four 485 square yards plots in Sector 68, two 16 marla sites in Sector 68, a 14 marla plot in Sector 67 and a 262.5 square yards site in Phase V, were put for sale.

The sold commercial sites fetched Rs 957.5 lakh, 14.74 per cent more than the reserve price of Rs 834.49 lakh.

“The response was on expected lines. Though the real estate market is not yet conducive, still we managed to collect almost Rs 57 crore from sale of 17 sites,” said GMADA Chief Administrator Vivek Partap Singh. He hinted at holding another auction in the next few months.

The two-day auction made GMADA richer by Rs 5,694.5 lakh, which was 36.87 per cent more than the reserve price of Rs 4,160.49 lakh.Today’s highest bid of Rs 5.01 crore was received for an SCO site number 682 in Sector 70, which was 26.86 per cent more than its reserve price of Rs 394.9 lakh.

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