Greater Mohali Area Development Authority (GMADA) will hold a draw of lots for the allotment of residential plots in its first independent integrated township, Aerocity, in the first week of August and refund the money to the unsuccessful candidates by the first week of October.
Process of Draw
Initially, the draw of lots will be conducted for the allotment of 3,800 plots, for which around 3 lakh applications have been received, while a separate draw of lots will be conducted to allot 200 plots reserved for victims of riots and terrorism.
Pay on Allotment
on receiving the final list of applicants from the banks, it will be posted on GMADA website for the information of applicants, who may point out errors, if any, for rectification before draw of lots. Letters of intent will be issued to the successful applicants immediately after the draw of lots, giving them 30 days' time for the deposit of 15 per cent of the allotted plot’s total price. On expiry of this time limit, the unsuccessful applicants will be considered for the plots surrendered by the successful applicants. For this, a waiting list in order of seniority will be drawn to the extent of five per cent of the total number of plots available under each category and the plots so made available will be offered to the applicants in the waiting list in order of merit.
Aerocity
Coming up on around 800 acre, the Aerocity project would also include hotels, convention, exhibition and exposition halls, aviation academy, logistics facilities, offices for aircraft companies and aircraft catering and kitchen facilities. Aerocity will be spread between sectors 66-A and Chhat village up to National Highway-64 (Zirakpur) in the vicinity of the upcoming international airport of Mohali.
Rate Lower Than Prevailing Market price
As GMADA is offering plots at the rate of Rs 12,000 per square yard, much below the existing market price of Rs 35,000-40,000 per square yard, the scheme of launching the first residential urban estate in Mohali has got an overwhelming response. There are 4,000 plots on offer as part of the project.
3,00,000 Application recieved
For the allotment of 3,800 plots,around 3 lakh applications have been received. GMADA has received over Rs 7,000 crore on account of earnest money deposited by applicants under the Aerocity scheme.
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