GMADA acquires land for IT city Mohali

GMADA is acquiring 1,800 acres, which would see 810 acres being used for setting up of IT industry, another 810 acres for residential areas and remaining 180 acres for commercial establishments.The Rs 1.68 crore per acre compensation is the second highest amount paid to landowners so far with GMADA already paying Rs 1.69 crore per acre as compensation to landowners whose land was acquired for carving out two new sectors a?? sectors 88 and 89 in Mohali. In IT City, the original plan of the project would see super mega IT industrial projects being developed along with residential areas and commercial establishments. The financial module of the project will be based on the pattern of Aerocity project and for land acquisition GMADA has already obtained loans from various banks, which were to be used for Medicity project in Mullanpur. However that project did not materialize as land owners moved Punjab and Haryana high court seeking a stay on acquisition proceedings citing previous instances where land was forgone by GMADA under certain conditions. With the possibility of election model code of conduct before state assembly elections being enforced by this month-end looming large, sources in GMADA said it made sense to utilize the money earned from Ecocity residential project as well as loans obtained from various banks channeling them towards IT City project. The acquisition process for IT City is almost complete and we had recommended Rs 1.68 crore per acre as compensation to landowners. We are targeting December 20 for conducting proceedings for site auction of plots in IT City. Part of the Dream Weave Walk Network 1998-2012