The Greater Mohali Area Development Authority (GMADA) on Monday launched a scheme offering
200 industrial plots. The scheme will close on October 28. According to officials, GMADA will offer 145 plots of 500 square yards in IT city and 55 plots of 1,000 square yards near the international airport. The authority has fixed a rate of Rs 14,000 per square yards in both the projects.
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The applicants can download application forms from GMADA website or buy them from any authorised bank. GMADA has invited applications from throughout the country and also invited non-residents of India.
“The scheme was launched on Monday and it will end on October 28. We are hopeful that more and more investors will come forward. We have fixed affordable prices and we are expecting a good response,” stated an official who is overseeing the scheme.
However, a senior officer of GMADA on condition of anonymity said that the scheme seemed to be a poll gimmick. There was a slump in the real estate market and there was no logic in launching a scheme of 200 industrial plots.
Shailander Anand, former chairman of Mohali Property Consultants’ Association, said that the rates were affordable as compared to the previous housing and some commercial schemes. He added that it would be too early to say whether the scheme would get a good response.
GMADA had launched a commercial as well as a residential scheme last month for 131 sites, including two school sites, built-up booths and SCFs in different parts of the city. The draw of lots will be held on October 6.
Applicants can buy application forms from the single-window counter of GMADA for Rs 100 and from authorised banks. Nine banks, including State Bank of India, HDFC Bank and Axis Bank, have been authorised. The earnest amount has been fixed at 10 per cent of the total amount. The applicant must be above the age of 18 years for applying. The successful applicants will have to deposit 25 per cent fee of the total amount within 30 days of the issuance of the letter of intent.