Mullanpur:Prices going through the roof

GMADA Punjab’s proposed Medicity and Urban Estate have catapulted Mullanpur, the once sleepy village is now a hot destination for investors. It is touted as New Chandigarh.In 18 months, property prices of plots launched by realty majors have upped by 90 per cent in Mullanpur. Mullanpur Urban Estate For Aerocity, GMADA had a single rate of Rs 12,000 per square yard (Rs 3 lakh a marla) for all sizes of plots. At Urban Estate Mullanpur, for the first time the state has introduced varying price slabs. For plots measuring 100 square yards (4 marla) and 200 square yards (8 marla), the price has been fixed at Rs 17,000 per square yard. For plots measuring 300 square yards (12 marla) and 400 square yards (16 marla), the price stands at Rs 18,000 per square yard. In the topmost category, for plots measuring 500 square yards (1 kanal) and 1,000 square yards (2 kanal), GMADA’s price is Rs 19,000 per square yard. On account of its land-pooling scheme for former land-owners here, only 850 out of the total 2,700 plots may be offered by GMADA to the general public in the upcoming scheme. DLF:Mullanpur DLF launched the first phase of its project at Mullanpur with 800 residential plots, priced at Rs 25,500 per square yard.The company received 20 times more applications than the number of plots. Mehta said the plots measured 350 and 500 square yards, and sold out in two days. Omaxe Mullanpur: Omaxe,in its project in January 2010, the company offered 400 residential plots, at the rate of Rs 13,300 per square yard. The second phase of Omaxe came in December 2010 with 600 plots. The scheme opened with plots priced at Rs 18,000 per square yard and closed at Rs 20,000 per square yar, an increase of 35 to 50 per cent over the first phase. And now Omaxe has launched its third phase with plots priced at Rs 24,990, an 88 per cent rise. Both Omaxe and DLF are coming up with integrated townships, offering flats, villas, plots. Smaller players are giving plots in the range of Rs 14,000- 22,000 per square yard. Part of the Dream Weave Walk Network 1998-2012