Mohali, Nov 17: The Greater Mohali Area Development Authority (GMADA) is moving to engage three independent valuers to reassess properties that have remained unsold in multiple auctions, officials said, following directives from the Punjab government.
In GMADA’s last auction held in October, only 72 of 165 properties were sold, leaving many plots unsold across the past five auctions. “Bids have been invited to appoint valuers empanelled with nationalised banks or the Income Tax Department. The process will be completed shortly, and these valuers will determine market rates for the unsold properties,” a senior GMADA officer said.
Once the valuers submit their reports, the average market value will guide reserve price fixation, subject to approval from the chief administrator. The officer noted, “The revised reserve price for this implementation will stay effective until December 31, 2026, given the remaining months in this financial cycle.”
The Punjab government had issued a notification on October 16, approved by the governor, to standardise the procedure for setting reserve prices for properties auctioned by development authorities. The amendment aims to ensure market-based pricing and greater transparency across residential, commercial, industrial, and institutional plots.
According to the policy, if more than 50% of plots in a sector are sold, the average sale rate becomes the reserve price for the following year. If fewer than half sell, the rate may be reduced by 10%, while unsold plots can see a 10% reduction, followed by a further 5% cut with chief administrator approval. Authorities are also required to finalise reserve prices for the next year by December 31 of the preceding year.
The notification was issued following the finance department’s advice on October 11, 2025, and the council of ministers’ decision on October 13. Other aspects of the e-auction policy, as issued in February and June 2025, remain unchanged.
