GMADA to start research for Eco City 2 Extension
The Punjab government recently invited suggestions from the public for new affordable housing policies. However, it was made clear that an affordable housing policy will not be applicable in Mullanpur (New Chandigarh) falling in district Mohali where minimum area to set up a new housing colony is 25 acres, as per the Master Plan.
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The officer said that with a bigger plot size, GMADA could find it easy to sell the project.
Greater Mohali Area Development Authority (GMADA) will soon start Environment Impact Assessment Study (EIAS) to launch Eco City 2 Extension project in the coming months in Mullanpur (New Chandigarh). The residential project will be one of the major projects of the development body after the pandemic. The new project will focus on bigger plots when compared to its older projects.
Once the EIAS is completed, GMADA will start land acquisition process. Eco-City-2 may be a major project to be launched in the district in the last three years. The Punjab government recently invited suggestions from the public for new affordable housing policies. However, it was made clear that an affordable housing policy will not be applicable in Mullanpur (New Chandigarh) falling in district Mohali where minimum area to set up a new housing colony is 25 acres, as per the Master Plan.
A GMADA officer said that the new project is planned after a trend was noticed in the online auction of properties that people from other states were interested in the local real estate market. With an increase in competition, GMADA could generate good revenue which would help the development agency to look for more such projects.
“It will also be an experiment. In the previous two projects, Eco City 1 and 2, the size of residential plots was not more than 500 square yards. In the new project the plot size could go up. We also want to encash the environmental advantage the area has as it is located in the foothills of the Shivalik range and could be preferred by the investors,” the officer added.
The officer said that with a bigger plot size, GMADA could find it easy to sell the project.
Online bids were invited to carry out EIAS and soon the work will start. In the study, the GMADA will see whether the new project has an impact on the environment or social lives of the locals. After the study, notices will be issued for land acquisition and awards will be announced for land owners. After development of New Chandigarh, land rates have spiked in Mohali. New Chandigarh was established by the previous SAD-BJP government. The projects proved profitable for GMADA and the plots were sold in the auction.
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