A chunk of 0.67 acre (3242.8 square yards) of prime land in Sector 79 has been allotted to HMEL, promoter of the Guru Gobind Singh Refinery Project in Bathinda, at the rate of Rs 36,000 per square yard. The land has been allotted for opening of its corporate office in Mohali.
The rate is almost three times less than what the Life Insurance Corporation (LIC) of India paid for 9.6 acres of land in Sector 49 on February 8, 2008. The reserve price of the land was Rs 1 lakh per square yard. The LIC’s bid — Rs 25 per square yard extra besides the reserve price — was cleared.
Compared to the rate at which LIC was auctioned the land, GMADA has suffered a loss of over Rs 20.76 crore in accommodating the HMEL as per the wishes of the Punjab Chief Minister. The allotment was approved in the fifth GMADA meeting chaired by Badal in Chandigarh recently.
Part of the Dream Weave Walk Network 1998-2010