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GMADA Residential plots, Mullanpur, Chandigarh

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GMADA Residential plots, Mullanpur, Chandigarh

Last updated: July 5 2013
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  • Re : GMADA Residential plots, Mullanpur, Chandigarh

    scheme details...
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    • Re : GMADA Residential plots, Mullanpur, Chandigarh

      Originally posted by richhaah View Post
      Hello Gurdial,

      Can we guesstimate at this point in time that which plot sizes have more chances of a win?

      I will submit only 2 online application one in my and one on my wife's name.

      Thanks and Regards,
      Hi richhaah,

      If we talk in pure ratios then in 100 & 200, it's most unfavorable. As we go up higher ratio improves. Having said that, at the end of the day it's just pure luck. Invest in the size which most suits your requirement ie if you want to build a house then go for a bigger size and if you want to play for premium smaller sizes are easier to dispose off.

      You dont need to submit any proof now, they will require you bring them during scrutiny- it's standard procedure.

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      • Re : GMADA Residential plots, Mullanpur, Chandigarh

        who can apply

        im a resident of delhi...while going through the people who can apply in the boucher...i saw only punjab residents can apply....

        so what is the status?

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        • Re : GMADA Residential plots, Mullanpur, Chandigarh

          Residents of Punjab & Chandigarh can only apply . Should be penned clearly in the brochure .
          Please read IREF rules | FAQ's

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          • Re : GMADA Residential plots, Mullanpur, Chandigarh

            The Tribune, Chandigarh, India - Chandigarh Stories

            Govt’s retired staff express resentment
            Accuse GMADA of considering them ineligible to apply
            Rajmeet Singh
            Tribune News Service

            Mohali, September 20
            With just a day for launch of Mullanpur Eco City by the Greater Mohali Area Development Authority (GMADA), retired employees of the Punjab government settled outside the state have expressed their resentment for not allowing them to apply under the scheme.

            “When the Central government and UT acknowledge their retired employees, Punjab cannot be indifferent to its retired employees,” said Rakesh Singh, a retired Punjab PWD executive engineer, who resides in Panchkula.

            After going through the eligibility guidelines of the scheme posted on GMADA’s website, a number of retired persons pointed out that GMADA believes that every retired employee owns a house. “If the Punjab and Haryana High Court employees living in Panchkula or any other town other than Punjab and Chandigarh can be eligible for the scheme, then the retired Punjab government employees living outside Punjab and Chandigarh should also be eligible,” said Malkiat Singh, who lives in Ambala after serving the Punjab education department for 30 years.

            It has also been pointed out that the Punjab and Haryana High Court employees had also been considered in housing schemes floated by the Chandigarh Housing Board (CHB) and the Punjab government has considered them for the Mullanpur scheme. On the other hand, Punjab pensioners or their widows have been left out.

            Unfair trade practice

            Due to failure on part of GMADA to make a public announcement about the schedule to refund earnest money of the unsuccessful applicants, the banks are likely to adopt unfair trade practice by holding the earnest money of the financed applications for over three months, as had been done in case of Aerocity project. Sources said though GMADA was keen on returning the earnest money within a month of holding the draw of lots, it was not ready to make its intentions public.

            “If GMADA returns the money within a month of holding draw of lots, it should direct banks to start the process to refund a portion of interest charged on the financed earnest money from the day the money is credited into accounts of banks. These days money is transferred electronically,” said Shavinder Singh, a prospective applicant.

            Moreover, the Reserve Bank of India (RBI) guideline allows the banks to charge interest for the period when the money lies with agency floating a housing scheme. If GMADA hold the draw of lots on November 28, it is expected to complete the process to refund the money to the unsuccessful applicants or the banks by December end. Going by the yardstick, the banks have no right to hold the money beyond three months.

            Since GMADA officials are particular about mentioning the dates-wise schedule of the entire process, the banks should have no problem in refunding the earnest money to the applicants soon after the money was credited back in their accounts.
            Last edited September 21 2011, 11:49 AM.

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            • Re : GMADA Residential plots, Mullanpur, Chandigarh

              It seems that regular employees of Punjab Govt. are also eligible now. I think earlier only employees of Punjab and Haryana High Court were eligible.

              http://gmadaipms.com/new%20sale/Temp...Estate%201.pdf

              "Regular employees of Government of Punjab or its undertakings and Punjab
              & Haryana High Court are eligible. Adhoc, contractual, temporary or
              reemployed employees cannot apply under this category. "

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              • Re : GMADA Residential plots, Mullanpur, Chandigarh

                My wife (currently in Gurgaon but originally of Punjab) will be able to prove her punjab residency. My question is which one to go for

                100 sq yd: We might be able to pay up with self finances on the EMI scheme.
                200 sq yd: Loan.. for sure.

                From a purely investment perspective with a holding of 3 years minimum, will a 100 sqyd plot give me good returns ?

                All this on the assumption that she is incredibly luck

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                • Re : GMADA Residential plots, Mullanpur, Chandigarh

                  Bang. amazed to see people going guns over a lottery ticket costing anywhere between 7.5 to 50 thousand per ticket !!

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                  • Re : GMADA Residential plots, Mullanpur, Chandigarh

                    Originally posted by Mikhail View Post
                    My wife (currently in Gurgaon but originally of Punjab) will be able to prove her punjab residency. My question is which one to go for

                    100 sq yd: We might be able to pay up with self finances on the EMI scheme.
                    200 sq yd: Loan.. for sure.

                    From a purely investment perspective with a holding of 3 years minimum, will a 100 sqyd plot give me good returns ?

                    All this on the assumption that she is incredibly luck
                    100 sq yard plot will cost 15000 per sq yard and 200 one will cost 17000 per sq yard. 200 sq yard plot is already about 13 % higher so your %age returns will definitely be higher in case of 100 sq yard plot. (Assuming your wife is incredibly lucky)
                    Last edited September 21 2011, 01:21 PM.

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                    • Re : GMADA Residential plots, Mullanpur, Chandigarh

                      I guess for less than 2 months holding, 21Oct to 28 Nov, the bank offer could be 2% of earnest money which makes it cheaper lottery ticket ranging from 3000 to 20000 with chance of at most 740 in one lakh.
                      But dates can be changed any time later and equation changes with it.
                      These bank plans makes the overall situation miserable in one aspect but gives comfort in that you do not have to bother about your costly return DD hanging in postal mail.

                      There is discount of rs 500 for online application as one need not buy brochure. This is to help the organizer get rid of speculation of number of applications and hence managing printing inventory. calling for applications itself is a good business. They could have called applications in two phases separated by a year with 400 plots each time to maximise the application time gains

                      Somehow I feel 740 is a very small number for something planned in undeveloped and unpopulated area away from city.

                      In the end, it is a lottery and few people trying to convince themselves it as property investment and waste their few months till the draw results come and as a consequnce once affordable property goes out of reach.

                      contention is getting very high in chandigarh area. But otherwize also, Punjab has higher population density than rest of India and higher property rates. With top beurocrats of two wealthy states with black money dumping into real estate of chandigarh area, common man is pushed aside to dreams and temptations that I could be that lucky one. But it is purely a lottery whatsoever.

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