Mohali: All is set for the largest commercial land auction ever in Chandigarh and Mohali. Scheduled to be held on February 8, the site spread across 9.60 acres provides freedom for the development of a multiplex, shopping mall, hotel, service apartments or anything the buyer may wish to develop except industry. The reserve price for the site has been kept as Rs 1 lakh per square yard and this works out to be Rs 464 crore.
The plot is in Mohali right on the Chandigarh border. The site has attracted enquiries from real estate investors of national repute and others, including Reliance Industries, Omaxe, DLF, Indian Tabacco Company, Housing and Urban Development Corporation of India (Hudco), Ansals and Unitech. Both Anil Ambani and Mukesh Ambani led Reliance groups are also said to have shown interest in the site. Sources said the main attraction for the prospective bidders is the the location of the site being in Mohali bordering Chandigarh. Also, the site is surrounded by a population of more than 20,000 families of upper, middle and high income groups.
The proposed international airport, existing railway station, PCA cricket stadium, IT cluster, Knowledge City and the proposed golf course/club are located at a distance of 3-5 km from the site. The plot juts out into Sector 49 with 100 feet wide roads on two sides.
Another attraction is the area of the site, 46,464 square yards, being the largest ever available for auction in the history of Chandigarh and Mohali. Building controls offered for the site are yet another attraction for the prospective bidders. The site offers 1:3 FAR, 45 per cent ground coverage and maximum permissible height of 40 metres.
Terms and conditions of the auction provides for handing over of the possession of the site against 25 per cent payment. The balance is to paid by way of equated yearly instalments. A spokesperson for GMADA said the bidders would be required to deposit an amount equivalent to 1 per cent of the reserve price as eligibility fee.
Source: TNS