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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

    Which category have you applied for !
    SBS

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    • Re : GMADA Residential plots, Mullanpur, Chandigarh

      Well Ankur that would be the case for sure as you always get higher premiums for smaller plots. The problem is 60-70% of population will hit for plot size of 100/150/200, so the probability of getting them too would be hard. I feel if you apply in a lottery, rather than lose because of probability theory go for higher plot size which may give you low premium but with higher chances. If you plan to use them for yourself, always go for a higher size if you can afford it. Overall i think there might be more premium for Eco city than Aero as it is closed to Chandigarh but all this is based on facts today which may change after elections.

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      • Re : GMADA Residential plots, Mullanpur, Chandigarh

        Aerocity price is 12k. Mullanpur large plot size price is 19k. Honestly - I think premiums may disappear or be very small after 3-4 months of hype. No one is going to stay in Mullanpur for years to come. Also remember that all the farmers who have opted for land pooling (more than 70% of farmers) have got 1000 sy yards for each acre. There will be huge supply pressure from tem.
        SBS

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        • Re : GMADA Residential plots, Mullanpur, Chandigarh

          Well the total area was 400 acres so 70% makes it 280 of which half might want to live there. From 140 more than half might hold on to selling as they do not have to pay for anything and will wait for medi-city project to start, elections to be finished before they make the move.

          With auctions to happen before the elections (Akalis will do that), there would be an initial surge in the prices. Anyone looking to make money should sell as soon as they can after allotment. (again my thought process...would love to hear from others).

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          • Re : GMADA Residential plots, Mullanpur, Chandigarh

            My other thought is with plots selling at almost 25K/sq yard in Kharar/Zirakpur areas, Mullanpur should be 30K +. No farmer who went for land polling scheme would want to sell for less as they have 1000 sq yards/acre which is as good as 3 Crore for 1 acre (ignoring commercial side). I am sure farmers think they deserve at least that much for being so close to Chandigarh. So i cannot think of premiums being low. The other factor would be, being so close to Chandigarh compared to Mohali/Zirakpur/Panchkula. Imagine with links as good as the ones going to these places........prcies would shoot through roof in the coming 3-4 years. No wonder GMADA made layered prices for different sizes. Rest they say only time will tell. Depending upon who forms the govt....things will change.

            Just a quick one, can the plot be sold by person who is allocated the plot to by GMADA to anyone or does it have to be sold to Punjab resident only. That will define the premium as well.....coz anyone who was not eligible ie. from Delhi or other part of Indian might be willing to pay premuim for being close to Chd.

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            • Re : GMADA Residential plots, Mullanpur, Chandigarh

              Originally posted by sbsbpo View Post
              Which category have you applied for !
              I have applied in general category 500 sq yard

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              • Re : GMADA Residential plots, Mullanpur, Chandigarh

                Originally posted by Indigill View Post
                Well Ankur that would be the case for sure as you always get higher premiums for smaller plots. The problem is 60-70% of population will hit for plot size of 100/150/200, so the probability of getting them too would be hard. I feel if you apply in a lottery, rather than lose because of probability theory go for higher plot size which may give you low premium but with higher chances. If you plan to use them for yourself, always go for a higher size if you can afford it. Overall i think there might be more premium for Eco city than Aero as it is closed to Chandigarh but all this is based on facts today which may change after elections.
                I have applied for 500 sq yard plot.

                My thought process behind it was

                1) Probability of getting it was highest compared to other plot sizes.
                2) Since you will get only one flat / plot from the Govt in your lifetime, I felt one should go for the highest possible size which one can afford to apply for. E.g. if one applied for 100 sq yard plot as assuming premiums of 10K per sq yard, you earn 10 Lakh. Whereas for a 500 sq yard plot you will earn 50 Lakh (I am assuming the premium to be the same just for this case).
                3) If possible I will not sell this plot but hold it and build a house for self use if everything goes well in future.

                However after reading the comments in the last few days I am not too sure if it was a wise decision. I didn't think that the premiums will vary so much due to the size of the plots so I am wondering if it is a good deal at all to buy it for 19K per sq yard.

                However at the same time when I compare the prices of Omaxe Plots (24K per sq yard) and DLF plots (27 K per sq yard?) which are at bad location as compared to Eco city I think otherwise.

                Eco city is bang on the main road from PGI whereas the DLF and Omaxe plots are much behind, so one can argue that Eco city plots should command at least 15 - 20 % more price than Omaxe and DLF. More so because it is a govt scheme and not private.

                In short I am confused now

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                • Re : GMADA Residential plots, Mullanpur, Chandigarh

                  Don't be confused as you have done the right thing. I was in India for 5 days during Aero city project, since did not have much time (was there for my other property work) i did not apply. I regretted for a long time after that.

                  You are right Eco city is a better location so will definitly be in the 30K range. The only thing would be to hold on to it for sometime as development on that side of the city is still in initiall stages. If you are planning to build your own house there, you have done the best thing at this moment of time. Sit an wait for the results....you will be fine!

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                  • Re : GMADA Residential plots, Mullanpur, Chandigarh

                    Originally posted by Indigill View Post
                    Don't be confused as you have done the right thing. I was in India for 5 days during Aero city project, since did not have much time (was there for my other property work) i did not apply. I regretted for a long time after that.

                    You are right Eco city is a better location so will definitly be in the 30K range. The only thing would be to hold on to it for sometime as development on that side of the city is still in initiall stages. If you are planning to build your own house there, you have done the best thing at this moment of time. Sit an wait for the results....you will be fine!
                    Yup, 80% chance is that I will hold it and build a house over it (If I get the plot ).
                    My only concern was that whether 19K was value for money or not. Time will tell.

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                    • Re : GMADA Residential plots, Mullanpur, Chandigarh

                      Ankur,

                      Nothing to worry, you have done a wise thing by going for 500 sq yard plot. I have also applied for 400 and 500, premium should be in the range of 10-15k initially and if you have the capacity to hold for about 2 years or longer- you can reap even greater gain.

                      Auction would give prices a even greater boost. Plus PCA shall soon announce plans for the construction of the stadium. Also Columbia-Asia hospital has announced plans to construct a hospital here.

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