GMADA to offer residential plots at Mullanpur
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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.
Aerocity plots were given at Rs 12,000 per square yard (Rs 3 lakh per marla). This was nearly three times less than the market price prevailing in Mohali, when the scheme was launched last year. At that time, the rate in Mohali was Rs 35,000-40,000 per square yard.
Private real estate developers have also been selling plots in Mullanpur over the past couple of years. While the plots sold by some of the developers are currently available for Rs 18,000-20,000 per square yard, those being sold by the high-end developers are now priced at Rs 24,000 per square yard.
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.