There is some good news for SAS Nagar residents as the Greater Mohali Area Development Authority (GMADA) has decided to focus on residential projects in the coming financial year.
The authority is launching its second residential project under the land-pooling scheme and is also coming up with an affordable housing project. The budget for 2015-16 is expected to be around `3,400 crore, which includes development works worth `1,800 crore. The planned expenditure is around `100 crore more than the 2014-15 fiscal. Chief administrator, GMADA, AK Sinha said the government’s focus was on residential projects. “We have acquired 220 acres in Sectors 90 and 91 where we are planning to have approximately 800 residential plots. We are also coming up with affordable housing project in Sectors 66 and 70,” he said.
Sinha said besides completing Purab apartments, GMADA’s scheme in Sector 88 and allotment of plots under the Eco-City, Phase 2, are the two other residential projects which would be completed in the 2015-16. Sectors 90 and 91 will have residential plots measuring 8, 10 and 12 marla. This is the second project under the land-pooling scheme. Earlier, under such scheme, GMADA had acquired 600 acres in Sectors 88 and 89. Under the pooling scheme, farmers would be made the owner of 50% of land acquired from them after the authority develops it into a residential, commercial or institutional plot. In addition to 50% ownership, the farmers will also be given a residential plot of 980 square yards and commercial plot of 121 square yards in the developed area.
GMADA also plans to construct 2BHK and 3BHK flats in Sectors 66 and 70. The authority has its own land in these two sectors and plans to construct 2,000-plus units. “We understand that the property market is facing a slowdown, but then there are people looking for buying their own houses or plots,” said Sinha.