Mohali, NOV 17: The Greater Mohali Area Development Authority (GMADA) is set to appoint three independent valuers to assess the market value of properties that have remained unsold in two or more past auctions, officials said, acting on the directions of the Punjab government.
A senior GMADA officer explained that in the authority’s October auction, only 72 of 165 properties were sold, leaving several plots unsold for up to five consecutive auctions. “We have invited bids for appointing three valuers, who should be empanelled with nationalised banks or the Income Tax Department. The last date to apply was November 11. We will soon finalise the names, who will evaluate the unsold properties,” the officer said.
Under the revised state e-auction policy, the reserve price of unsold properties will remain unchanged until December 31, 2026. Once the valuers complete their assessment, the average rate will form the basis for fixing the reserve price, subject to approval by the chief administrator of the respective authority. “For this first implementation, the reserve price will remain effective till December 31, 2026, since only four months are left in the current financial cycle,” the official added.
The policy, notified by the Punjab government on October 16 with the governor’s approval, aims to simplify and streamline the process of determining reserve prices for residential, commercial, industrial, and institutional sites, ensuring transparency and market-based valuation.
The revised guidelines also specify that authorities must finalise reserve prices for the next year by December 31 of the preceding year. If more than half of the plots in an area are sold, the average sale rate will be adopted as the next year’s reserve price. If fewer than 50% are sold, the average rate may be reduced by 10%, though not below the previous year’s price. Plots unsold throughout the year may see a 10% reduction, with a further 5% reduction possible with the chief administrator’s approval.
The notification follows the Punjab finance department’s advice on October 11 and a council of ministers’ decision on October 13. Other terms and conditions of the e-auction policy, as notified earlier on February 20 and June 4, 2025, will remain unchanged.
