Mohali’s 1st urban estate rolled out

The decision was taken at the GMADA Executive Committee (EC) meeting,chaired by Punjab Chief Secretary S C Agrawal.

Confirming the development,GMADA Chief Administrator (CA) Vivek Partap Singh said the allotments would be made by way of draw of lots,and a public notice inviting applications was being issued.

The work has already begun on the development of Aerotropolis to be spread across 771.34 acres of land along both sides of 200-foot-wide road from Sector 66-66-A to Chhat village up to National Highway-64 (Zirakpur to Patiala) in the vicinity of the upcoming international airport here.

“Tenders would be allotted to eligible contractors after a pre-bid meeting being held on April 18,” Singh said,adding a target period of two-and-a-half-years was fixed to complete the project and hand over the possession of the plots.

Under three different modes of payment finalised at the EC meeting,the GMADA would offer 10 per cent discount on the total upfront payment in advance at the time of allotment while no interest would be charged if the payment was cleared within 18 months.

Simple interest,at the rate of 10 per cent per annum on the outstanding amount,will,however,be charged if the allottee availed himself of the full payment period stretching up to around four years.

Except who owns a residential site duly allotted by any government agency anywhere in Mohali,all others are eligible to try their luck for building their dream house at a reasonable price. Also,separate applications received from husband,wife and their children would be considered as a single family case.

The plots would be available in 125,150,200,250,300,350,400,450 and 500 square yards size to enable all sections of society to opt for whichever anybody is capable of.

The GMADA CA said almost 10 per cent of total landowners had so far opted for the Land Pooling Scheme,under which 968 sq yard residential and 121 sq yard commercial developed sites were offered against each acre of acquired land (including parking area).

Reserve price revised
Though the GMADA would offer plots in the new urban estate at the old reserve price,the EC meeting revised the reserve price for residential sites in Mohali from Rs 12,000 to Rs 12,500 per square yard. The revised rate has come into force with immediate effect and would remain applicable till March 31,2011.