IN A bid to give the struggling real estate market a fillip, the Greater Mohali Area Development Authority (GMADA) will launch Eco City-3 — a residential project — in Mullanpur Garibdas area. GMADA will soon start the process of acquiring around 322 acres in six villages of the area. Eco City 3 would be an extension of the Eco City 2 project, officials said.
According to GMADA officials, they had done a Social Impact Survey in 2014 and a majority of farmers had agreed to sell their land to the development authority. GMADA will acquire land in Rajgarh village (42.13 acres), Majra village (6.5 acres), Takipur village (113.34 acres), Kartarpur village (93.66 acres), Kansala village (11.65 acres) and Hoshiarpur village (55.27 acres). The land will be acquired under the new Land Acquisition, Rehabilitation and Resettlement Act, 2013. All the villages are located near Mullanpur Garibdas.
“The scheme is at an initial stage and we are working out the modalities,” said GMADA additional chief administrator (ACA) Rajesh Dhiman. The Eco City 2 scheme had got a good response around three years ago. The new scheme would be launched for the benefit of the middle class, officials said.
Some sector experts, however, are not convinced. Former Chairman of Mohali Property Consultants Association (MPCA) Shailander Anand said GMADA should consider the needs and the condition of the real estate market in consideration before launching such schemes. He added that in the past, GMADA could not attract buyers for many of its schemes and many properties that were put for sale could not be sold after poor response from due to high rates.
GMADA has also planned a low-density housing scheme in the area and the scheme will be launched soon. GMADA planned to sell only 500 and 1,000 square yard plots in the scheme while in the past GMADA sold smaller plots in Aero City housing scheme and Eco City 1 and Eco City 2.