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 It’s official -- green signal to urban estate

Mohali, September 12
The much-awaited 740-plot phase I of the Mullanpur urban estate will be floated on September 21 and applicants will be given a month to apply under the scheme. The site is located 7 km from the PGI in Chandigarh.
The decision follows approval to the project by the executive committee of the Greater Mohali Area Development Authority (GMADA) during a meeting under the chairmanship of Punjab Chief Secretary SC Agrawal.
For the first time, applications will also be received online. The draw of lots will be held on November 30. The letter of intent will be issued within a month of the draw of lots.
Allottees will be given 120 days from the date of draw of lots to deposit 95 per cent of the cost of the plot, a decision taken to keep speculators out.
To solve the problem of finance, GMADA is contemplating a tripartite agreement between banks, GMADA and allottees so that the cost can be paid within the period specified.
A senior GMADA official said after past experiences like Aerocity, it was decided to limit the schedule of payment of 95 per cent of plot cost to four months, between December, 2011, and March, 2012, from the date of draw of lots.
The letter of allotment would be issued once the 95 per cent of the cost was paid. In case of Aerocity, over three lakh applicants, mostly from outside Punjab and speculators, had applied and the margin money increased prices to an unimaginable level. GMADA Chief Administrator Sarvjit Singh said he could comment only after minutes of the meeting were issued.
As per the draft, the scheme was for bona fide residents of Punjab and Chandigarh. Employees of the Punjab and Haryana High Court were also eligible to apply. Applications would also be received online this time. This yardstick would apply to future housing schemes as well.

Project at a glance

n GMADA allows end users to buy property straightaway
n Only for bona fide Punjab and Chandigarh residents
n Those who own or have been allotted a plot are not eligible
n 100 sq yd, 125 sq yd, 150 sq yd, 200 sq yd, 250 sq yd, 300 sq yd, 400 sq yd, 500 sq yd plots
n Prices between Rs 15,000 per sq yd (for 100 sq yd) and Rs 19,000 per sq yd (for 500 sq yd)
n 95 per cent of plot cost to be paid within 120 days of date of draw of lots.