Mohali, April 15: The Greater Mohali Area Development Authority (GMADA) has launched an e-auction of 48.72 acres of land in Mohali, previously designated for Economically Weaker Sections (EWS), now reclassified as residential group housing plots. The auction began on April 13 and will close at 12 noon on April 22.
Six sites are up for sale, with a combined reserve price of ₹1,214.52 crore. GMADA officials said the auction could generate nearly ₹2,000 crore if bidding exceeds the base value.
“A site in Mohali Hills, Sector 110, spans 18.62 acres and carries the highest reserve price at ₹463.93 crore. Interested bidders must deposit ₹5 crore as earnest money to participate,” an official familiar with the auction process said.
Two other major sites in Sector 99’s Wave Estate are also listed. One measures 8.71 acres with a reserve price of ₹217.15 crore, and the second, covering 3.52 acres, is priced at ₹87.79 crore. The required earnest money stands at ₹5 crore and ₹2 crore, respectively.
GMADA is also auctioning a 7.92-acre site in the Unitech housing society, Sector 97, with a reserve price of ₹197.48 crore. Earnest money for this plot has been fixed at ₹5 crore. In addition, two parcels of land in Pearls City, Sector 104, have been included in the sale.
Pearls City projects had earlier drawn controversy, with multiple investors pursuing legal action over delays and disputes. Despite that, GMADA has moved forward with auctioning the remaining land parcels.
The auction comes after the Punjab government, in February, approved a new policy allowing the sale of unused or scattered EWS land in various housing societies through e-auctions statewide. “The state plans to acquire around 1,500 acres elsewhere to construct EWS accommodations to benefit underprivileged families,” a state housing official said.
Officials noted that the move aims to unlock the value of land lying idle in upscale projects while generating revenue for future welfare housing.
