Mohali, Aug. 19 -- In a mixed trend for Mohali's property market, GMADA's latest e-auction witnessed a marginal dip of around 2% in residential property rates compared to the last auction in June this year, even as the authority managed to sell more sites. The Greater Mohali Area Development Authority (GMADA) had put up for sale 167 properties, including 20 residential, 99 commercial and several institutional properties. As the auction concluded on Monday, 65 sites found takers, generating a staggering Rs.961 crore for GMADA. Though this fell short of the reserve benchmark of nearly Rs.11,000 crore, it marked a massive improvement from June's auction, which had brought in just Rs.136 crore from the sale of 17 properties. However, residential plot rates took a slight slide between the two auctions. A 500 square yards plot in Sector 65 that had fetched Rs.6.87 crore in June, against a reserve of Rs.6.35 crore, this time brought in Rs.6.74 crore against a reserve price of Rs.6 crore - a decline of around 2%. Similarly, a 181 square yards plot in Sector 68 was sold for Rs.3.24 crore against a reserve of Rs.3.19 crore, compared to Rs.3.26 crore in June. Commercial properties, however, held steady, with most rates remaining on par with those recorded in the previous auction. Among commercial sites, mixed land-use plots in Aerocity attracted strong bidding. Block-E (6.28 acres) fetched GMADA Rs.376 crore against a reserve of Rs.369 crore, while Block-D (6.28 acres) went for Rs.270 crore against a reserve of Rs.264 crore. For the first time, GMADA also auctioned Shop-cum-Offices (SCOs) and shops in Sector 78. An SCO sized 166 square yards was sold for Rs.8.48 crore against a reserve of Rs.7 crore, while a 60 square yards shop witnessed aggressive bidding, closing at Rs.3.76 crore against a reserve of just Rs.83 lakh. In total, 27 SCOs found buyers. Some categories drew no interest at all, including two petrol pump sites, nine hotel sites, six school sites and seven out of nine mixed-use sites, indicating investor caution in certainsectors. A senior GMADA official, meanwhile, said the response was encouraging as 65 of the 167 properties on offer were sold: "There was not much variation in residential and commercial rates compared to the June auction. We will hold the next round around Diwali." Shalinder Anand, former president of the Mohali Property Consultants' Association, attributed the subdued demand to steep reserve prices and a saturated market. "The reserve rates are too high, and similar plots are available in the open market at lower prices," he remarked. In the June auction, GMADA had sold only 17 of the 72 properties offered, generating Rs.136 crore. The highest bid then was for a 4.02-acre school site in Ecocity-2, which raked inRs.59 crore against a reserve of Rs.57.9 crore....