To avoid problems of exhausting land quota for new development projects, the Greater Mohali Area Development Authority (GMADA) will create a bank of around 750 acre. The land bank will be kept reserved under the Aero City
expansion plan, which will be used for the upcoming housing and industrial projects in the city.
A senior official of the land acquisition branch of GMADA told Chandigarh Newsline that they have identified plots in nine villages, including Bakarpur, Mattar and Patton, which are located near the Aero City along the airport road.
The official also said they held several meetings with the residents of these villages and sought their suggestions.
“We asked the farmers to give the land and we will give them compensation under the government’s policy which also include land pooling scheme. We got a very positive response from the farmers, though there are some of them who disagree with us. We will proceed only after majority of the farmers agree to sell their land,” he said.
While explaining the compensation plan, the official said they would set up the bank on land pooling basis under which the farmers will be given 1,000 square yards area if his one acres of land is acquired. Meanwhile, if a builder identifies the land for his projects, then they we will use 80:20 form under which the GMADA will share the 20 per cent revenue of the project, while the rest 80 percent will be for the builder.
The official also revealed that for the first time GMADA would be creating a land bank. In the past, the GMADA used to acquire land just before launching any project as a result of which sometimes the projects got delayed owing to various technical problems, including litigation by many farmers to seek revised compensations. With the creation of the land bank, the GMADA will have reserved land for launching any new project. The GMADA is also planning the expansion of Aero City.
The official also said at the present, all the land reserve of GMADA has been exhausted and it would be difficult to acquire land if any project is launched.