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Old April 17 2012, 11:28 PM   #1
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Default GMADA's IT City

GMADA's IT City to be launched in two months.

April 16, 2012

The much-hyped IT City project of the Greater Mohali Area Development Authority (GMADA) offering plots for setting up IT industries, residential areas and commercial establishments will be launched in around two months.
The project, coming up on 1,688 acres, will be executed in
phases. GMADA plans to launch the project with residential plots. According to GMADA officials, commercial and industrial plots would be launched later.
The authority is expecting to generate revenue of about Rs. 1,500 crore from the residential plots. GMADA had offered Rs. 1.68 crore as compensation to the landowners whose land was acquired for IT City.
According to the plan, the IT City will have around 810 acres for IT industries, another 810 acres for residential purposes and remaining 180 acres for commercial establishments.
The planning of the IT project is in the final stages and the officials are expecting to roll out the scheme in about two months. According to the proposal, the residential plots will be allotted through a draw of lots.
"The IT City project is planned keeping in mind that SAS Nagar has tremendous potential for the IT industry. To attract investment, offering residential plots in the IT City is a big incentive. The planning of the project is in the final stages and the project will be launched soon," said Parveen Kumar Thind, additional chief administrator, GMADA.
GMADA is eyeing to attract a number of information technology companies in order to make SAS Nagar an IT hub.


Thanks,
Ricky
 
Old April 18 2012, 01:58 AM   #2
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Which part of Greater Mohali Area this project is expected to come..Any Idea ??

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Originally Posted by Rickyy View Post
GMADA's IT City to be launched in two months.

April 16, 2012

The much-hyped IT City project of the Greater Mohali Area Development Authority (GMADA) offering plots for setting up IT industries, residential areas and commercial establishments will be launched in around two months.
The project, coming up on 1,688 acres, will be executed in
phases. GMADA plans to launch the project with residential plots. According to GMADA officials, commercial and industrial plots would be launched later.
The authority is expecting to generate revenue of about Rs. 1,500 crore from the residential plots. GMADA had offered Rs. 1.68 crore as compensation to the landowners whose land was acquired for IT City.
According to the plan, the IT City will have around 810 acres for IT industries, another 810 acres for residential purposes and remaining 180 acres for commercial establishments.
The planning of the IT project is in the final stages and the officials are expecting to roll out the scheme in about two months. According to the proposal, the residential plots will be allotted through a draw of lots.
"The IT City project is planned keeping in mind that SAS Nagar has tremendous potential for the IT industry. To attract investment, offering residential plots in the IT City is a big incentive. The planning of the project is in the final stages and the project will be launched soon," said Parveen Kumar Thind, additional chief administrator, GMADA.
GMADA is eyeing to attract a number of information technology companies in order to make SAS Nagar an IT hub.


Thanks,
Ricky
 
Old April 18 2012, 02:09 AM   #3
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Default

Ricky,
In which sector of Mohali is the IT project coming up . Any clues ?
 
Old April 18 2012, 06:45 AM   #4
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Default location is adjacent to Aerocity

The proposed location is adjacent to Aerocity.
I guess it's 82-A,83 A and 101-A sectors (may be 101 too). They all are marked as industrial area.

Map link:
http://puda.nic.in/img/approved_mast...aster_plan.pdf

Here is the news article on same (from last year):

Greater Mohali Area Development Authority (GMADA) is in the final stage of land acquisition for its 1800-acre IT City project, which would see around 810 acres being used for setting up of IT industry, another 810 acres for residential areas and the remaining 180 acres for setting up commercial establishments. The IT City project would see super-mega IT industrial projects being developed along with residential areas and commercial establishments. The financial module of the project will be based on the pattern of the Aerocity project and for land acquisition, GMADA would obtain loans from various banks. However, most of the land would be acquired under the land pooling scheme and the option of cash compensation would be kept open. The cash compensation rates are yet to be decided upon and it seems likely that the compensation offered in the case of Aerocity, at the rate of Rs 1.5 crore per crore, would also be applicable to IT City.
GMADA has already acquired over 930 acres of land in sectors 82-A, 100, 101-A and 66-B and officials are of the view that they are unlikely to face opposition by local residents and farmers to the acquisition proceedings as was the case for the Aerocity project as well as Mullanpur Urban Estate, Phase I. GMADA land acquisition officer Hargunjeet Kaur said, "The acquisition process for IT City is going on smoothly and we expect to finalise it by October-end or mid-November. The area where acquisition would take place for the new project was already earmarked as industrial sector in the master plan of Mohali. The four sectors to be acquired for the project lie adjacent to the Aerocity project and we would shortly be issuing section 9 notification for the project."She said, "Most of the people who would be displaced by the acquisition process have agreed to the land pooling scheme and we expect more affected persons to join the scheme, which would make them a part of the development of the area.

Other article:

IT City to come up on 1,500 acre in Mohali - Times Of India


Thanks,
Ricky
Thapa1 likes this.
 
Old April 18 2012, 09:32 PM   #5
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Well this could be game changer for tricity RE market.

And it depends:

  1. At what rate GMADA will sell property to IT companies..must be 30-50% cheaper than GGN/Noida then only they will come.
  2. No. of IT companies willing to come..so far CHD IT park is doing just OK.
  3. will there be any tax benefits for companies
  4. pace of infrastructure development


Others things from investor point of view that we need to wait is , will there be any punjab/chd domicile requirement, any lock period, and folks who has got the plot allotted in aerocity/ecocity/purab apt will be barred from applying.


GMADA is saying 2 months but hopefully w/ in next 6 months it will be launched so be ready w/ your lady luck.




thanks,
Ricky
 
Old April 18 2012, 09:39 PM   #6
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It could be.. Punjab Govt needs to develop or hire a good PR agency like gujrat and should provide some benefits to big companies with certain conditions .. Jobs are the key .. If mohali is able to generate enough jobs it could be game changer for the region but saying that from long time I have been hearing that IT companies are coming to this region but till now it is not happening much..

Quote:
Originally Posted by Rickyy View Post
Well this could be game changer for tricity RE market.

And it depends:

  1. At what rate GMADA will sell property to IT companies..must be 30-50% cheaper than GGN/Noida then only they will come.
  2. No. of IT companies willing to come..so far CHD IT park is doing just OK.
  3. will there be any tax benefits for companies
  4. pace of infrastructure development


Others things from investor point of view that we need to wait is , will there be any punjab/chd domicile requirement, any lock period, and folks who has got the plot allotted in aerocity/ecocity/purab apt will be barred from applying.


GMADA is saying 2 months but hopefully w/ in next 6 months it will be launched so be ready w/ your lady luck.




thanks,
Ricky
 
Old April 19 2012, 06:29 AM   #7
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Default

They should better do it..all it needs a political will power, vision and guts to handle the corrupt bureaucracy.

CHD region has huge potential for IT and service sector industry but so far in vain. Federal govt shd also promote this region as this will help in curbing RE mess in GGN/Noida area, and growth will be distributed across the region. The infrastructure is ready and ppl will love to move to this area even if they get 2-5% less salary per year.

Focus is gonna shift to this area very soon.

Thanks,
Ricky
 
Old January 21 2013, 09:34 PM   #8
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Default Any news on IT City in Mohali?

Any news on It City in Mohali?
Its been 9 months since the last post when we were expecting launch by June 2012?
 
Old June 18 2013, 12:10 PM   #9
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Default Merge or close thic thread

Moderators . Please close this thread or merge the other thread which though started later but has latest updates:

http://www.indianrealestateforum.com...ada-53172.html
 
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