Chandigarh, August 22, 2026 (Yes Punjab News)
The Greater Mohali Area Development Authority (GMADA) has recorded its highest-ever property auction revenue, with 27 properties fetching a combined Rs 5,391 crore, Housing and Urban Development Minister S. Hardeep Singh Mundian said on Saturday.
The auction, which began on July 20 and was scheduled to close on August 20, was extended into the early hours of August 21 due to intense competition among bidders. A total of 36 properties had been offered for auction.
Mundian said the properties had a combined reserve price of Rs 3,872 crore, while the successful bids generated Rs 5,391 crore for the authority.
According to the minister, the proceeds will be utilised to develop new urban estates falling within GMADA’s jurisdiction.
He said GMADA’s property auctions in recent years had received an encouraging response from investors under the leadership of Chief Minister Bhagwant Singh Mann. The minister expressed confidence that the entry of major investors and development of new projects would strengthen Mohali’s economic profile, enhance its national identity and create additional employment opportunities.
The auctioned properties include mixed land-use, hotel, hospital and commercial sites spread across different sectors and projects in Mohali.
Mundian said the strong response from bidders reflected growing investor interest in Mohali and would contribute to the state’s broader urban and economic development.
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