IT firms reluctant to invest in Mohali | chandigarh | Hindustan Times
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IT firms reluctant to invest in Mohali

chandigarh Updated: Jun 04, 2014 09:23 IST
Hillary Victor
Hillary Victor
Hindustan Times
SAS Nagar

Deputy CM Sukhbir Singh Badal’s claim of having brought in nearly Rs 1,000 crore investments to the city is beginning to sound feeble with only 19 of the 27 Information Technology firms that were given land in the upcoming IT city having evinced serious interest in setting up shop here. The figure was mentioned at the Progressive Punjab Investors Summit held here in December last year.

Last February Sukhbir handed over land allotment letters to 27 IT companies, including software major Infosys, to enable them to set up their units in IT city in Sectors 82 & 83A.

The Greater Mohali Area Development Authority had floated 80 industrial plots measuring 2,500 square yard to 50 acres in IT city.

So far only 19 firms have paid for the land and one has even sought refund of the ear nest money deposited for the land. While GMADA has cancelled allotments to some firms after they did not deposit the money on time, six others did not pay the full amount.

However, GMADA chief administrator AK Sinha, when contacted, said: “We don’t have any idea know why some of the companies didn’t pay up. One firm deposited the money late, thus its allotment was cancelled, and two others have requested us to review their case. The company that sought a refund wanted the plot for other than the IT sector.”

The managing director of one of the Information Technology firms that had not applied for a plot in IT City said: “Mohali will take several years to develop its infrastructure and at present we don’t find any potential in the city. Spending a huge amount to set up a project here isn’t a good idea”.