GMADA's Real Estate Woes: Sector 62 Sites Unsold for Third Time

Once known as the face of Punjab’s real estate growth, the Greater Mohali Area Development Authority (GMADA) is now grappling with a market slowdown, except in a few prime sectors. In its latest e-auction, GMADA once again suffered a setback as six commercial sites in Sector 62 failed to attract buyers for the third consecutive time in a year.

Officials said that the steep reserve price of over Rs 75 crore per acre discouraged investors, especially when land in nearby localities costs between Rs 8 crore and Rs 15 crore per acre. This widening gap has reduced investor interest outside high-value locations such as Aerocity and IT City, which continue to dominate demand.

According to sources, the e-auction saw a lukewarm response for major commercial and industrial sites. Despite offering three mixed-use plots in Aerocity, eight hotel sites in Sector 66B, and group housing, petrol pump, and school plots, GMADA couldn’t find suitable bidders. Even a 12-acre commercial site in Aerocity Block D and four two-acre plots in IT City went unsold.

However, Sector 78 emerged as a success story — all 17 showroom sites, priced between Rs 6.5 crore and Rs 10 crore, were sold, bringing significant revenue to GMADA. In contrast, only two showrooms and one booth found buyers in Sector 69.

Industry insiders say GMADA is facing stiff competition from private developers, whose projects offer flexible payment options, instant possession, and modern amenities. “Investors prefer private townships that promise faster returns and convenience,” said a local realtor.

The older GMADA sectors suffer from poor roads, sewerage, lighting, and parking facilities while weak public transport connectivity further discourages commercial investment.

With unsold inventory piling up and competition intensifying, experts believe GMADA must revise land pricing and improve infrastructure to regain investor confidence in Mohali’s real estate market.