GMADA Auctions 27 Properties, Earns Record ₹5,391 Crore
Chandigarh, August 22, 2026: The Greater Mohali Area Development Authority (GMADA) has recorded its best-ever performance in a property auction, successfully selling 27 properties for a total revenue of ₹5,391 crore.
The auction, which began on July 20 and was originally scheduled to close on August 20, was extended into the early hours of August 21 due to intense competition among bidders.
27 Properties Auctioned for ₹5,391 Crore
Housing and Urban Development Minister S. Hardeep Singh Mundian said that 36 properties had been offered for bidding in the auction. Of these, 27 properties were successfully auctioned.
The reserve price for the properties was fixed at ₹3,872 crore, while GMADA ultimately generated ₹5,391 crore through the successful auctions.
The strong bidding response resulted in revenue significantly higher than the combined reserve price of the properties put up for auction.
Auction Extended Due to Strong Competition
According to Minister Mundian, the auction had to be extended beyond its scheduled closing time because of intense competition among bidders.
The minister said GMADA's property auctions, conducted from time to time under the leadership of Chief Minister S. Bhagwant Singh Mann, have received an overwhelming response from investors.
He said major investors are expected to set up their projects in Mohali in the near future, which would give the city a distinctive identity at the national level while also contributing to the state's economy and creating new employment opportunities.
Revenue to Be Used for Urban Development
The ₹5,391 crore generated through the auction will be utilised for the development of new urban estates within GMADA's jurisdiction, according to the Housing and Urban Development Minister.
The record revenue is expected to provide additional resources for planned urban development projects under the authority.
Mixed-Use, Hotel, Hospital and Commercial Sites Sold
The properties successfully auctioned by GMADA include mixed land-use, hotel, hospital and commercial sites.
These properties are located across various sectors and projects in Mohali, making the auction significant for the city's ongoing urban and commercial development.
The latest auction marks a strong response from investors to GMADA's land offerings and has resulted in the authority recording its highest-ever auction revenue of ₹5,391 crore.
