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Tuesday, December 10, 2019

Eco City-3: For land pool, GMADA offers exemption in stamp duty and land registration charges

With GMADA encouraging land pooling scheme in its projects, the increase in number of commercial properties could be an issue for the owners.

Written by Jagdeep Singh Deep | Mohali | Published: November 25, 2019 9:17:55 am
chandigarh news, mohali, gmada, new chandigarh, eco-city, indian express GMADA building in Mohali. (File photo)

TO ENCOURAGE farmers to take up the land pooling option against acquisition of their land for another housing project, Eco City-3, in New Chandigarh (Mullanpur Garibdas), the Greater Mohali Area Development Authority (GMADA) has offered exemption in stamp duty and land registration fee.

The facility will be given to the farmers who buy agricultural land in other parts of the state after exercising the option for land pooling in Eco City- 3 project. It is for the first time that GMADA has made such an offer to the farmers.

GMADA will start the process of acquiring land in five villages of Takipur, Rajgarh, Kartarpur, Kansala and Hoshiarpur in New Chandigarh for setting up the Eco City-3 project. This time, GMADA is encouraging the farmers to opt for the land pooling scheme which will also help GMADA to save revenue.

“In case a farmer does not opt for land pooling scheme, the government has to make the payment. If a farmer opts for the scheme, he is compensated by offering residential and commercial properties. The farmers also get benefited as he gets properties,” a GMADA officer told Chandigarh Newsline.

The officer said that the farmers who opt for the land pooling scheme will get benefits like exemption in stamp duty, land registration fee, preference in getting power connections if they buy land in any other part of the state. The farmers will also get the benefit of clubbing their properties at one place which will help them in maintaining their properties. The officer said, “Earlier, it was not necessary that the farmers get the properties at one place. It was a big issue and many farmers in the area whose land was acquired for Eco City 1 and Eco City 2 projects were against the scheme as they were not getting their properties at one place.”

GMADA will also offer residential as well as commercial plots to the farmers under the land pooling scheme.
For acquiring 1 kanal (650 square yards) of land, GMADA will offer a residential plot of 150 square yard to the farmer. For the acquisition of 2 kanal of land, GMADA will offer 300 square yard residential plot or 180 square yard residential plot and 40 square yard booth site.

For the acquisition of 4 kanals of land, GMADA will offer a 500 square yard residential plot and a 60 square yard shop site or 380 square yard residential plot and 100 square yard commercial plot. In case of acquisition of 8 kanal (1 acre) land, GMADA will offer a 1,000 square yard residential plot, 121 square yard commercial plot or 763 square yard residential plot and 200 square yard commercial plot.

With GMADA encouraging land pooling scheme in its projects, the increase in number of commercial properties could be an issue for the owners. The secretary of Mohali Properties Consultants Association (MPCA), Harpreet Dadwal, said that with the coming project and encouraging land pooling scheme, there would be another fall in the real estate market.

Dadwal said that GMADA is coming up with a new housing project, Aerotropolis, near the Airport Road and going to acquire around 5,500 acres of land. “Just imagine how many showrooms, booth and residential properties are coming up. These new areas shall take around 10 years to completely develop and become properly functioning markets. Till then neither farmers nor investors shall get any benefits,” Dadwal said.

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