Govt panel moots Rs 1.85 cr/acre compensation

The recommendation made by the committee,will now be discussed by the State Cabinet’s sub-committee and a final call shall be taken thereafter. The Punjab government had earlier offered the highest land compensation of Rs 1.50 crore per acre for a housing project Aerocity,followed by reward of Rs 1.30 crore per acre for the upcoming housing project at Mullanpur in Mohali which is due to be launched this month.

Highly placed sources in the Greater Mohali Area Development Authority have said that no final decision has been taken on the rate of compensation as these were just the recommendations of the District Land Fixation Committee. The final decision will be taken by the Cabinet sub-committee.

The Medicity project is proposed to house an integrated medical care facilities and in the first phase it will be developed on 150 acres of land. Mullanpur in Mohali District has turned out to be the most preferred destination for property investment because of its proximity with Chandigarh. Leading realtors DLF and Omaxe have already announced to build residential properties in Mullanpur.

Many experts say that the even if the the rate of compensation of Rs 1.85 crore per acre is approved it will still be far less than the current market value of the land in the area. Property dealers say the land in the area was going at Rs 2.2 crore-2.5 crore per acre. A local MLA has gone on record saying that the land compensation should be at least Rs. 4 crores per acre.

Experts are also of the opinion that with the coming of the Mullanpur Project and the rates are expected to increase considerably. The market rates will further increase if the compensation is fixed at 1.85 crore an acre.