| The Greater Mohali Development Authority (GMADA) is going to auction commercial land measuring 9.60 acres (one acre = 43,560 square feet) in Mohali on February 8. This will be the largest auction of its kind.
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| The authorities have set Rs 464 crore (about Rs 48.33 crore per acre) as the reserve price for the land and expect good response from the auction because Reliance Industries, the Welcome group and DLF have shown interest in the property. Also, judging by the success of earlier auctions, this too seems a promising one.
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| The Punjab Urban Planning and Development Authority (PUDA), from which the GMADA has been carved out, auctioned a piece of land measuring 3.73 acres on Ajnala Road, Amritsar, for Rs 192 crore against the reserve price of Rs 54 crore.
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| Similarly, a piece of land measuring 2.9 acres in Jalandhar fetched a price of Rs 107 crore against the reserve price of Rs 34 crore.
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| Furthermore, recently a 4.5-acre commercial site in Bathinda was sold at Rs 187 crore against the reserve price of Rs 134 acre.
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| It has been learnt that in order to make the auction a huge success, the GMADA administrator has made a presentation to the members of the Confederation of Real Estate Developers Associations of India in Delhi.
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| According to the PUDA spokesperson, the state is looking for genuine developers rather than speculators. The proposed site is located on the border of Chandigarh and Mohali, about 6 km from the City Centre, Sector 17. |
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