GMADA’s apartment plan falls flat, price revision soon | punjab$chandigarh | Hindustan Times
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GMADA’s apartment plan falls flat, price revision soon

punjab Updated: Nov 15, 2015 14:57 IST
Shailee Dogra
Shailee Dogra
Hindustan Times

The flats being offered under the Premium Purab Apartments scheme by Greater Mohali Area Development Area (GMADA) have got poor response owing to high price and sluggish realty market, forcing the authority to revise the prices.

The authority received only about 300 queries for the 315 flats of different sizes it offered for allotment on ‘first-come, first-serve’ basis. The scheme was launched about three years ago.

So, now GMADA is considering revision of prices before the scheme is launched. This was for the first time that GMADA offered flats online, breaking away from the practice of draw of lots.

The flats have been priced between Rs 52 lakh and Rs 98 lakh depending on the size. A three-bedroom flat which was priced at Rs 69 lakh in 2012 is now being offered for Rs 97 lakh.

“The queries were encouraging but otherwise the response was not good. We will take up the matter with the government for revision of prices,” said AK Sinha, chief administrator GMADA.