Aero City it is

The Greater Mohali Area Development Authority (GMADA) has named its first residential urban estate in the vicinity of the upcoming international airport as Aero City. A total of 3,950 plots,ranging between 125 square yards (5 marla) and 500 square yards (1 kanal),will be allotted through a draw of lots at a reserve price of Rs 12,000 per square yard (Rs 3 lakh per marla).

With 12 different public and private sector banks empanelled for the sale of brochures and receipt of application forms,the scheme would be launched in the first week of June,said GMADA Chief Administrator (CA) Vivek Partap Singh. He attributed the delay to several changes made in the terms and conditions of the policy,which was last formulated a decade ago when Mohali’s last residential urban estate was developed in Sector 76-80.

While all branches of the State Bank of India (SBI) in the tricity,district headquarters and other main locations would implement the scheme,Punjab National Bank,HDFC Bank,ICICI Bank,Oriental Bank of Commerce,Punjab State Cooperative Bank Limited,Union Bank of India,Bank of India,Punjab and Sind Bank,Corporation Bank,Punjab Gramin Bank and Yes Bank would involve selective branches,said GMADA ACA (Finance & Accounts) Rajesh Sodhi.

The scheme will be open for a month,during which the brochures will be sold (at Rs 100) and received. The GMADA will then scrutinise the forms and hold the draw of lots within a month.

“The money received from the sale of brochures and the earnest money deposited with application forms will be simultaneously transferred by the banks to our account,” the GMADA chief administrator said,adding that the authority would not pay service charges to the banks.

Under a major change in the policy,the local property owners will be made eligible for the scheme for the first time.

Earlier,residential property owners in Mohali were not eligible to apply for residential plots,but this time only directly allotted residential sites will be ineligible while others having purchased plot/flat/house in auction or re-sale are eligible.

Several changes have been made in the payment plan,too. This time,10 per cent of total price will be deposited along with the application form while 15 per cent is payable within 30 days from the date of issuance of Letter of Intent. While 5 per cent and additional price,if any,is payable at time of delivery of possession,the balance 70 per cent will be payable in three different plans.

While 10 per cent rebate will be offered if the entire balance of 70 per cent amount is paid at one go,within 60 days from the date of allotment,no interest will be charged if the amount is paid in seven bi-monthly equated instalments. Ten per cent interest per annum will be charged if the amount paid in seven half-yearly instalments (three-and-a-half-years),the maximum payment period.

If the outstanding balance is paid in lump sum at any time before the due date,5 per cent rebate will be offered on it.

New terms and conditions
* Scheme will remain open for a month
* Brochures to cost Rs 100
* Will be sold by selective banks
* A draw of lots will be held within a month after the scrutiny of forms
* This time only those directly allotted residential sites will be ineligible while those who have purchased plot/flat/house in auction or re-sale can apply
* Several changes in the modes of payment