Mohali, Aug. 22 -- The Greater Mohali Area Development Authority (GMADA) has fetched Rs.5,391 crore from its latest e-auction, earning Rs.1,518 crore more than the combined reserve price of Rs.3,872 crore. The auction, which saw intense bidding for several high-value commercial and residential properties, ended at around 3.45 am on Friday.

Of the 36 properties put up for auction, 27 were successfully auctioned, including commercial, hotel, hospital and mixed land-use sites, according to the auction results.

The properties together had a reserve price of Rs.3,872 crore, while the successful bids took the total value to Rs.5,391 crore, around 39% above the reserve price.

Less sale at a high value

The latest auction has generated substan...