Greater Mohali Area Development Authority (GMADA) has now decided to reduce the reserve price of the residential plots from a reserved price of Rs 50,000 per sq yard.GMADA will reduce the reserve price by 10 per cent.
In the auction held on February 16, there were no takers of seven residential one kanal plots in Sector 70.
Sources said through a draw of lots by GMADA in the proposed urban estate around the upcoming international airport will no longer be a “lottery” for applicants, as the new land allotment rates would be similar to market rates.
In the proposed urban estate, around 2,000 residential and commercial sites have been carved out for mix land use, at least 50 per cent of this would be exhausted if landowners went in for land pooling. The allotment would be done by way of draw. The town-planning department had proposed a 30-metre green buffer between the road and the commercial belt along the main road. The residential area would be behind the commercial belt, as is in the existing urban estate. The money collected from the applications would be used to pay land compensation.
Part of the Dream Weave Walk Network 1998-2010