Three years after announcing a new township — Urban Estate Eco City-3 — at New Chandigarh, Mullanpur, the Greater Mohali Area Development Authority (GMADA) has approved the rates for acquisition of 320 acres in six villages.
The affected farmers will get compensation ranging between ₹1.8 crore and ₹2.4 crore per acre, depending upon the village — Rajgarh, Majra, Takipur, Kartarpur, Kansala and Hoshairpur.
“All notices under the land acquisition Act have been issued, and now awards will be approved by the state government. Following this, we will begin releasing the compensation as we have to complete the process by December 19, 2019, deadline set by the notification,” said Arina Duggal, GMADA’s land acquisition collector.
Farmers are expected to start getting the compensation from next month, following which the development of land will take place. The scheme is to be launched in March 2020. The project will be an amalgamation of residential, commercial and institutional properties.
“The acquisition of land at these rates will bring a boom in realty business and add to liquidity in the market. Even private builders are not offering such rates,” said Sanyam Dudeja, director, Jubilee Real Estate Group, Mohali. “Acquisition will also help in more planned and organised development.”
{{/usCountry}}“The acquisition of land at these rates will bring a boom in realty business and add to liquidity in the market. Even private builders are not offering such rates,” said Sanyam Dudeja, director, Jubilee Real Estate Group, Mohali. “Acquisition will also help in more planned and organised development.”
{{/usCountry}}Land pooling
GMADA announced the project in 2016. It was delayed as farmers did not show any interest. Finally, a fresh notification was issued in December last year, which is valid up to December 19, 2019.
The acquisition is to take place under the land pooling policy 2013. Farmers owning around 100 acres have already consented to land pooling.
Under the policy, farmers are offered housing and commercial sites in lieu of their land. For example, if 8-kanal land is acquired, the farmer will get two options — 1,000 sq yard developed residential site and 121 sq yard developed SCO site or 500 sq yard residential site and 300 sq yard SCO site.
The authority is already in process of acquiring 737 acres of land for its another township — Aerotropolis, spread over 5,400 acres. It is an expansion of GMADA’s Aerocity in the vicinity of Chandigarh International Airport. The process is expected to be completed by March 2020.
Other townships under GMADA are Knowledge City and IT City, also in the airport’s vicinity, and Eco City-1 and 2, Edu City and Medi City, all in New Chandigarh.