IT City project in final stage of land acquisition

Abhijit Prashar, TNN Jun 22, 2011, 01.07am IST
MOHALI: For those still despairing over their inability to land a plot in the Aerocity housing project, there is reason to cheer as 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.
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.
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.
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