GMADA's Festive Auction Sees Mohali Residential Plot in Sector 68 Fetch ₹8.86 Crore

A residential plot measuring 430 square yards in Sector 68, Mohali, was sold for ₹8.86 crore in a recent electronic auction conducted by the Greater Mohali Area Development Authority (GMADA), surpassing its reserve price of ₹8.32 crore. The transaction underscores renewed investor interest in premium residential plots ahead of the Diwali festivities.

Auction Overview and Transaction Details

The e-auction, held by GMADA in the lead-up to Diwali, witnessed strong participation from buyers looking to secure prime real estate in one of Mohali's established sectors. The 430-square-yard plot in Sector 68 commanded a final sale price of ₹8.86 crore, approximately 6.5 per cent above its reserve price.

Industry experts noted that the sale price translates to approximately ₹2.06 lakh per square yard, reflecting an upward trend in valuations within this micro-market.

Broader Market Performance and Revenue Surge

The GMADA auction encompassed a diverse mix of commercial and residential properties, with a total of 72 units changing hands. These included 63 small commercial office (SCO) plots, eight residential plots, and one booth space. The cumulative revenue of ₹1,911 crore marks a near doubling compared to the authority's previous auction in August, which had generated ₹961 crore.

This substantial revenue increase has been attributed to several factors, including improved infrastructure connectivity, strategic proximity to the international airport and major corporate hubs, as well as the traditional festive buying sentiment associated with Diwali. Those considering investing in plots should review essential checklists to ensure informed decision-making.

Investor Confidence and Market Dynamics

Real estate analysts have interpreted the sale as a strong signal of investor confidence in Mohali's premium plot market, particularly in well-established locations such as Sector 68. The sector's readiness for immediate construction, coupled with robust physical and social infrastructure, has contributed to heightened demand.

Market observers also pointed to the growing preference among buyers for freehold residential land in regions offering a blend of urban amenities and relatively lower density compared to neighbouring Chandigarh. For those evaluating options, understanding the pros and cons of buying a plot versus a flat can be instrumental in making the right choice.

Key Market Drivers and Future Outlook

Several structural factors appear to be driving the momentum in Mohali's real estate segment. Enhanced road networks, the upcoming international airport in the region, and the presence of IT and business parks have collectively bolstered the area's appeal. Additionally, the festive season traditionally brings an uptick in property transactions, as auspicious buying periods align with buyer sentiment.

Going forward, analysts will be closely monitoring whether the price momentum observed during this festive period sustains itself in the coming quarters. The supply dynamics of quality plots in established sectors like Sector 68, relative to demand, will play a crucial role in determining price trajectories.

Comparative Regional Performance

The performance of Mohali's real estate market is also being evaluated in the context of neighbouring micro-markets such as Chandigarh and Zirakpur. Preliminary indications suggest that Mohali may be outperforming as an investment destination, driven by relatively more attractive price points and superior land availability for development.

Investors are also keen to understand the composition of demand—whether it is primarily driven by end-users planning future construction or by speculators anticipating capital appreciation. This distinction will be important in assessing the sustainability of current price levels. For a broader perspective, readers may find insights into India's top real estate hotspots particularly relevant.

Aspects to Monitor Going Forward

Market participants and policymakers will be tracking several variables in the near term. These include the sustainability of price momentum beyond the festive season, the evolution of plot supply in premium sectors relative to demand, the nature of buyer profiles (end-users versus speculators), and comparative investment returns across Mohali, Chandigarh, and Zirakpur.

The GMADA auction outcome provides a snapshot of a buoyant market sentiment, but longer-term trends will depend on continued infrastructure development, regulatory clarity, and macroeconomic stability.