GMADA to offer residential plots at Mullanpur

Phase-I of Urban Estate to have 2,800 plots, to also develop Medicity over 125 acres

High on the success of Aerocity, Greater Mohali Area Development Authority (GMADA) is all set to float a scheme for freehold residential plots in phase-I of its Urban Estate at Mullanpur.

In addition, GMADA has also set aside 125 acres for Medicity, a hub of the finest services in hospital care, to encourage medical tourism potential in the region.

Phase-I of Mullanpur will cover 400 acres approximately offering 2,800 plots, and will comprise two sectors. Urban Estate phase-I is at a distance of near 7 kilometers from PGI.

Medicity, located a little ahead of phase-I on the opposite side of the road going from PGI to Mullanpur, is about 8 kms from PGI.

Price of the plots to be offered in this prized residential destination, very close to Chandigarh, will be about 30 per cent higher than the price charged by GMADA for plots in Aerocity.

GMADA’s phase-I scheme will have plots in diverse sizes, like 100 square yards (4 marla), 200 square yards (8 marla), 300 square yards (12 marla), 400 square yards (16 marla) and 500 square yards (1 kanal). There will be 400 to 700 plots in each category. The plots in smaller sizes will be offered in larger numbers.

Mullanpur Urban Estate phase-I may also offer 100 plots measuring 1,000 square yards. In the Aerocity project, the maximum size of the plot was 500 square yards only.

GMADA is developing Mullanpur as an independent integrated township. The authority wanted to launch the phase-I project earlier, but it was delayed due to litigation by some of the owners from whom land was acquired. It was resolved a few days ago. Since all the land acquired for phase-I has now been acquired, GMADA is drawing up the final plans for announcing the scheme.

For Mullanpur Urban Estate phase-I, GMADA has laid emphasis on better planning of the layout and infrastructure. Officials said there has been a conscious effort to provide more green areas and parks.

Within the residential area, too, wider roads have been provided. The streets are laid out straight. In order to avoid traffic congestion, the major commercial area and the institutional area of the sector do not run midway through it.

Officials say that space for schools, colleges and hospitals has been provided as per town planning norms.

GMADA officials said since security is now a major issue in the tricity, the Mullanpur phase-I has been planned in such a way that at night only one entry point will be kept open, manned by a security guard.

It expects good response to Mullanpur phase-I too. At present, land is being acquired for Medicity, and also phase-II of the Mullanpur Urban Estate. Phase-II is slightly smaller than phase-I, and covers 350 acres approximately.

GMADA to offer residential plots at Mullanpur - Indian Express
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  • Clipping the wings of speculators

    Recent upheavals in the real estate sector like heavy debt burden of major realtors, increase in home loan rates, land acquisition row and increasing construction costs have clipped the wings of this soaring sector to some extent as sales volumes are witnessing a fall in the country. This lull is having an effect in the realty market in the tricity area also. The market is witnessing a correction and a majority of the end users are in wait and watch mode, but it is GMADA's offering of plots in Urban Estate in Mullanpur that is creating ripples here and keeping the buyers and investors interested. Learning lessons from its experience in the Aerocity project last year, the development authority, however, seems to be in a mood to curtail the role of speculators this time. It has come up with a number of conditions regarding eligibility to apply and payment schedule to keep out the speculators, who have been purposely controlling and jacking up property prices to force the end users to shell out more money to own a property.
    Key provisions

    The Urban Estate scheme offering freehold residential plots of various sizes in Mullanpur, located 7 km from PGI, will be floated by the month end.

    Analysing the market forces GMADA officials found that certain loopholes in the criteria like payment schedules and eligibility conditions actually enabled the speculators to apply in bulk whenever a housing project was floated. They then controlled the demand and supply of property to extract their margin money.

    Also learning from the past experiences as in case of Aerocity where over three lakh applicants, mostly from outside Punjab and speculators had applied and the margin money of the plots increased prices exorbitantl, GMADA officials have now almost decided to limit the schedule to pay 95 per cent of cost of a plot to less than five months from the date of issuing of the letter of Intent (LOI).

    Explaining the logic behind the move, a senior official of the authority said the rebate earlier offered for making payment in 90 or 120 days had been adjusted in the allotment rates this time. "We only want end users and those who genuinely need houses to apply for the scheme", he said. The changed regulations would be stamped by the Executive Committee (EC) of GMADA, headed by the Chief Secretary, in a meeting scheduled for the next week.

    Of the total 740 plots, around 40 per cent would go to reserved categories. As per norms, around 100 persons will be allowed per acre.

    Online applications to be accepted

    GMADA has decided to adopt the system of inviting online applications for the upcoming Mullanpur Urban Estate to facilitate applicants. On the basis of computer-generated application forms, applicants will be able to deposit the earnest money with banks. GMADA has decided to give in advance the schedule for draw of lots and issuing of the Letter of Intent (LOI)

    Cost factor

    "Given its locational advantage, the Mullanpur Urban Estate is the prime residential property in Chandigarh's periphery. In fact, the government-floated residential projects have been priced between Rs 15,000 per sq yd (for 100 sq yd plots) and Rs 19,000 for 500 sq yd plots. The price has been fixed keeping in mind the prevailing rates in the area. "While Omaxe, whose site is around three km away from the Chandigarh-Baddi road, had launched its project at Rs 15,000 per sq yd, the DLF had launched the residential project at around Rs 23,000 per sq yd a couple of months back fair poorly as far as its location is concerned when compared to the GMADA site", says Kamaljit Singh Panchhi, president, Property Consultants' Association, Chandigarh.
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  • gurdial Bhai, apki post mein, i don't see the restriction of people not residing in Punjab getting barred from applying . Is that restriction gone ?
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  • Mullanpur ‘Eco City’ opens on Sept 21; 740 plots on offer

    -The Greater Mohali Area Development Authority’s (GMADA) much anticipated residential project in Mullanpur will be called ‘Eco City’.

    -Moreover, the project will have a total of 740 plots. The authorities have also decided that 20 percent of the plots will be auctioned.

    -The scheme is set to open on September 21.

    -1,000 square yard plots will not be offered anymore.

    -Now an applicant can apply for 100-500 square yard plots.

    -An applicant has to deposit 10 percent of the total cost of the plot at the time of applying. Moreover, the balance will have to paid within three months. An applicant will have to deposit five percent of the money at the time of possession.

    -The project will be open to only Punjab and Chandigarh residents. Prospective buyers will have to submit residence proof of last five years in order to be eligible for the project. Applicants from Punjab and Chandigarh have a choice of submitting any three residential proofs out of the total ten decided by the authorities.

    -The Mullanpur Urban estate was originally planned to have a total of 2,704 plots, but due to most of the landowners opting for land-pooling scheme, the total number of plots have come down.

    -Under the scheme, Greater Mohali Area Development Authority will offer freehold residential plots of various sizes in Mullanpur, located 7 km from Post Graduate Institute of Medical Education and Research (PGIMER), Chandigarh.

    -People who have residential proof of Punjab but are settled abroad too are expected to apply for the scheme in large numbers, considering its location in the vicinity of Chandigarh.

    -People who already own a plot or flat developed by the Punjab government agencies will not be considered eligible under the Greater Mohali Area Development Authority (GMADA) scheme.
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  • Originally Posted by MANOJa
    gurdial Bhai, apki post mein, i don't see the restriction of people not residing in Punjab getting barred from applying . Is that restriction gone ?

    Manoja ji,

    Only people of Punjab and Chandigarh who can prove that they have lived here for atleast 5 years can apply. The same has to be proved by giving 3 proofs from the 10 listed (like passport , voter id, electricity bill, drivers license, car registration, house registration etc).
    CommentQuote
  • gurdial Bhai, any idea, whether the co-applicant can be an non resident of Punjab, with the first applicant meeting all the eligibility criteria ?

    Originally Posted by gurdial
    Manoja ji,

    Only people of Punjab and Chandigarh who can prove that they have lived here for atleast 5 years can apply. The same has to be proved by giving 3 proofs from the 10 listed (like passport , voter id, electricity bill, drivers license, car registration, house registration etc).
    CommentQuote
  • Gurdial ji have they disclosed the number of plots in each category(size) ?
    CommentQuote
  • Is GMADA acting like a private colonizer?

    "The authorities have also decided that 20 percent of the plots will be auctioned."

    On one hand GMADA has removed the option of paying in instalments on the pretext that they want to curb speculation. But on the other hand, GMADA has given property dealers a backdoor entry by auctioning 20% of the plots which would surely give the property dealers the opportunity to sky rocket prices. GMADA thinks ppl are foolish. These guys have made it a business and it's the common man a.k.a. Aam Aadmi that suffers.
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  • Online application

    Hello Gurdial,

    I wanted to confirm 2 things from you,

    1. Can we submit online application?, if yes, how the money will be sent, will there be some transaction number or a DD is required?

    2. Do you have idea of the scheme opening? if it is opening on 21st sep. what is the last date of submitting the application.

    Thanks and Regards,
    CommentQuote
  • Originally Posted by MANOJa
    gurdial Bhai, any idea, whether the co-applicant can be an non resident of Punjab, with the first applicant meeting all the eligibility criteria ?

    Manoja ji,

    There is no clarity on this. Will only know for sure once we get our hands on the form.
    CommentQuote
  • Thanks for replying, but do post, as soon as u get some clarity on this .

    Originally Posted by gurdial
    Manoja ji,

    There is no clarity on this. Will only know for sure once we get our hands on the form.
    CommentQuote
  • Sanjay khanna ji,

    All they have disclosed it that around 40% of the plots would be in the reserved categories.

    gurudev,

    Absolutely right, this will just drive up prices in the secondary market. DLF, Omaxe and co will make sure that prices rocket so that they can sell their upcoming phases at much higher rates.

    richhaah,

    1. Not sure about online option, there was talk about it but they have been silent on it recently. If they do have it, you will have to deposit the money in the designated banks and fill the challan number in the form.

    2. As of now they are launching the scheme on 21th. You will get atleast a month to submit the form.
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  • Originally Posted by MANOJa
    Thanks for replying, but do post, as soon as u get some clarity on this .

    Sure will keep you posted.
    CommentQuote
  • Single payment plan for Eco City to hit prospective buyers

    -95 pc of plot cost to be paid within 90 days of paying earnest money

    -Property dealers and prospective buyers are yet to fully recover from the initial shock of reduced number of plots in the Greater Mohali Area Development Authority’s (GMADA) much anticipated residential project ‘Eco City’ in Mullanpur and the authority decided to deal them another blow. The authority has decided that a person has to pay 95 per cent of the total cost of a plot within 90 days.

    -An applicant has to deposit 10 per cent earnest money at the time of applying.

    -Balance 85 per cent will have to paid within three months.

    -An applicant will have to deposit the remaining 5 per cent money at the time of taking possession.

    -According to GMADA officials, the decision on the mode of payment aims at minimising speculation and attracting genuine buyers.

    -The applicants will end up losing interest on his money and will also not be able to build a house on their plots as it will be some time before they get possession. The Aerocity project had three payment plans depending to the speed of payment which the applicant chose.


    -"The end user knows that he has to make the payment within three months and so the speculation is less. This mode of payment will further reduce the paperwork of GMADA as previously the process of payments continued for years,” said Kaur.

    -The project will have a total of 740 plots. Out of this 41 per cent (303 plots) will be reserved and 437 plots will available for the general public.

    -The authorities have also decided that 20 per cent of the plots will go under the hammer. The auction can be expected to be held in October or November.

    -The scheme will open on September 21 and close on October 21. The draw of lots will be held on November 30.

    -Prospective buyers can buy a application form from the 12 banks authorised by GMADA and can also apply online.

    -A person does not need to submit any proof at the time of applying. One will have to submit residential proof of five years in order to be eligible for the project at a later date.
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  • Its completely unfair to block other Indian Nationals from applying. Imagine other areas like Noida restricting only to UP residents and Gurgaon only to Haryana residents?
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  • I agree it’s unfair to restrict Indian residents to participate in a Government scheme? There must be other ways as well to control the malpractices and greediness in property deals.

    CommentQuote