E-Paper
Lukewarm response to GMADA apartments
Greater Mohali Area Development Authority’s (GMADA) draw for the premium purab apartments in sector 88, got a lukewarm response with only 2972 applications due to its high prices.
Greater Mohali Area Development Authority’s (GMADA) draw for the premium purab apartments in sector 88, got a lukewarm response with only 2972 applications due to its high prices.
Empty chairs in the pandals erected on GMADA’s premises for the draw of its 900 one BHK flats indicated the lack of enthusiasm for the flats amongst people. Premium purab apartments was GMADA’s first venture in which it offered apartments instead of plots.
The reason for the poor response is primarily the high prices at which the apartments are being offered when private developers are selling such properties at a much lower rate in the market.
A 900 one BHK apartment with parking comes at a price of Rs 37 lakh, GMADA had received 2972 applications. GMADA officials chose to look at the upside, claiming that less number of applications would increase people’s chances of getting the flats allocated.
They maintained that less number of applications meant that stringent checks put in place by GMADA had managed to keep speculators out.
