Punjab reaps Rs 2060-cr in e-auction of real estate

Punjab’s Housing and Urban Development Department has set a new benchmark in real estate revenue generation, securing Rs 2060 crore through a recent e-auction of properties. The state’s Housing and Urban Development Minister Hardeep Singh Mundian on Wednesday credited the success to the Chief Minister Bhagwant Mann’s transparent and investment-friendly policies, emphasizing that these initiatives are fostering a resurgence in public trust and investment in Punjab’s real estate.

The properties auctioned spanned key commercial and residential sites, including group housing, petrol pumps, hotels, SCOs, booths, and industrial and residential plots under various development authorities. Since August, Punjab has raised a cumulative Rs 5,000 crore from e-auctions — a figure that the Minister noted underscores the government’s success in creating a conducive environment for investment and urban development.

The e-auction, which commenced on October 18 and concluded on Tuesday, garnered a robust response, drawing significant bids across Mohali, Amritsar, Patiala, Ludhiana, Bathinda, and Sangrur. Among the highlights, the petrol pump site at Mohali’s IT City in Sector 83-A fetched Rs 31.16 crore, while the group housing site in Sector-78 drew a whopping Rs 163.87 crore. The hotel site in the same sector was auctioned at Rs 33.47 crore, demonstrating the high demand in Mohali’s thriving real estate market.

Breaking down the auction proceeds, the Greater Mohali Area Development Authority (GMADA) led the revenue collection with Rs 1894 crore. Other contributions included Rs 61.75 crore from GLADA, Rs 16.08 crore from BDA, Rs 59.62 crore from PDA, Rs 12.25 crore from JDA, and Rs 16.30 crore from ADA.