In what is being seen as revival of the sluggish property market, people who were allotted residential plots at the draw of Greater Mohali Area Development Authority’s (GMADA) 750-unit scheme at the IT City in SAS Nagar are already getting offers to resell at a premium. The premium — rate offered be financiers to allottees for resale — ranges between Rs 3,000 and Rs 7,500 per square yard depending upon the size. GMADA has allotted these plots at Rs 20,000 per sq yard in three sizes of 256.66 square yards (10 marlas), 300 square yards (12 marla) and 500 square yards (1 kanal). The premium this ranges between 15% and 35% of the rate at which GMADA has allotted these plots.
Interestingly, 10 marla plots are drawing the maximum premium, between Rs 7,000 and Rs 7,500. They were also the most in demand with 7,844 people applying for 250 plots. For a 12 marla plot, the premium offered is between Rs 5,500 and Rs 6,000.
For a 1 kanal plot, the premium offered is between Rs 3,000 and Rs 3,500 per square yard.
“These plot sizes have not been available in the market for some time. GMADA has offered plots in these sizes for the first time, thus attracting more premium. The draw has brought back business to the otherwise slow market. This indicates prevailing positive sentiment in the property market,” said NK Marwaha, founder president, Mohali Property Consultants Association.
“The returns which investors will get look promising in the IT City with regards to the premium being offered. The market is on its way to correction in terms of rates. Thus, there is a need to offer only realistic premium. If this not happen, there is a possibility of a market crash,” said Amandeep Gulati, a property consultant.
Shalinder Anand, exchairman, Mohali Property Consultant, said, “The draw and response to the scheme is good for the property market. It is the financer, however, who are offering the premium. As many investors are disillusioned by private developers as so GMADA should develop these plots and sell them as people have confidence in a government scheme. This will also lower the disputes.”
OLYMPIAN ALSO ALLOTTED 10 MARLA PLOT
Indian Olympian judoka Avtar Singh of Gurdaspur, who participated in the Rio Olympics, was allotted 256 square yards. Avtar, is presently working with the Punjab Armed Police. Another weightlifter from Ludhiana, Vikas Thakur, has also been allotted a plot.