The much-hyped IT City project of the Greater Mohali Area Development Authority (GMADA) offering plots for setting up IT industries, residential areas and commercial establishments will be launched in around two months.
The project, coming up on 1,688 acres, will be executed in phases. GMADA plans to launch the project with residential plots. According to GMADA officials, commercial and industrial plots would be launched later.
The authority is expecting to generate revenue of about Rs. 1,500 crore from the residential plots. GMADA had offered Rs. 1.68 crore as compensation to the landowners whose land was acquired for IT City.
According to the plan, the IT City will have around 810 acres for IT industries, another 810 acres for residential purposes and remaining 180 acres for commercial establishments.
The planning of the IT project is in the final stages and the officials are expecting to roll out the scheme in about two months. According to the proposal, the residential plots will be allotted through a draw of lots.
"The IT City project is planned keeping in mind that SAS Nagar has tremendous potential for the IT industry. To attract investment, offering residential plots in the IT City is a big incentive. The planning of the project is in the final stages and the project will be launched soon," said Parveen Kumar Thind, additional chief administrator, GMADA.
GMADA is eyeing to attract a number of information technology companies in order to make SAS Nagar an IT hub.