A top real estate developer in the region has shelved its plans of developing a group housing project in Sector 118 here. The developer, TDI Infratech Limited, has written to Greater Mohali Development Authority (GMADA) seeking the authority’s approval for surrendering the project’s license. TDI was granted license for this project on April 19, 2011.
With their application to surrender the project’s license, the developer has also annexed an affidavit claiming that they had not sold any flat/plot on the 20.316 acres of land in Sector 118, where the project had to come up.
Acting on the developer’s proposal to surrender its project’s license, the GMADA had, on December 24, 2018, issued a public notice and given a 30-day notice to people to come up with objections, if any. The deadline of submitting the objections lapses Friday.
According to the GMADA officials, the 20.316 acres of land was purchased by the developer, directly from the farmers.
GMADA’s Senior Town Planner Pankaj Bawa said as part of a procedure, people have been asked to come up with their objections, if any. “In case any private entity has invested in this project and has any objection against the developer’s license-surrender application, they can approach us with relevant documents”.
Besides this group housing project, TDI is also developing another residential project in Sector 118. TDI had already developed two residential projects – one on Chandigarh-Kharar road and another on international airport road.
TDI’s General Manager Saurabh Kumar said they are planning to come up with another project on the same piece of land. “Instead of group housing, we are planning to carve out plots on the land and sell it to people,” he said.
President of Mohali Property Consultant Association (MPCA) Bhupinder Singh said that there is a slump in real estate market.
“In case of group housing societies, there is a huge investment as compared to the plots as the builders have to first construct the flats and then sell it. There are many companies, which struggle in marketing,” Singh said.