Punjab government is now rushing to launch Deputy Chief Minister Sukhbir Badals pet projectMedicity at Mullanpurbefore the electoral code of conduct is put into place.
Greater Mohali Area Development Authority (GMADA),which is also entrusted with land acquisition for the project,is in the final stages of wrapping up the process. Sources reveal land acquisition for Medicity will take about 15 days more,after which the state will formally launch the prime medicare hub.
Landowners at Mullanpur,whose land is being acquired for the project,are only too happy to cooperate with the state government for the acquisition. At Rs 1.50 crore per acre,the cash compensation per acre for Medicity is among the highest announced in the region for an urban development activity.
However,its not the cash compensation that has the landowners smilingly parting with their acres. Sources reveal that almost all the landowners here have rejected Rs 1.50 crore per acre and have instead opted for the other alternative offered by the state governmentland-pooling at GMADAs premium residential area here,the Eco City.
For each acre,GMADA is giving the land owners one plot measuring 1,000 square yards (2 kanals) or two plots measuring 500 square yards (1 kanal) each in addition to a commercial plot of 100 square yards. The land lure has overtaken the cash lure despite the fact that the lucre being given for Medicity ranks at the highest offered by GMADA in this region. For the Eco City project,the cash compensation offered to owners stood at Rs 1.30 crore per acre.
With the Eco City offer,land-pooling has come as a virtual jackpot for the land owners. Eco City is the residential estate being developed by GMADA at Mullanpur,which was recently launched with plots in diverse sizes. It received a record number of 1.58 lakh applications for the 840 plots set aside for allotment here.
The one-kanal plots were priced the highest,at Rs 19,000 per square yard. GMADAs highest is still about 35 per cent lower than the prevailing prices in the private sector at Mullanpur.
Real estate major DLF,which launched the first phase of its project at Mullanpur in March with 800 residential plots,had priced them at Rs 25,500 per square yard,and closed at Rs 28,850 per square yard. The other major developer Omaxe had launched its Mullanpur township in January 2010 with plots priced at Rs 13,000 per square yard. Omaxe went into its second phase at Mullanpur in December 2010 at Rs 18,000 per square yard,and the third phase at Rs 24,990 per square yard.
The next phase of development by DLF is expected to be launched soon,with plots priced well above Rs 30,000 per square yard.