The Greater Mohali Area Development Authority (GMADA) has named its first residential urban estate in the vicinity of the upcoming international airport as Aero City. A total of 3,950 plots, ranging between 125 square yards (5 marla) and 500 square yards (1 kanal), will be allotted through a draw of lots at a reserve price of Rs 12,000 per square yard (Rs 3 lakh per marla). Under a major change in the policy, the local property owners will be made eligible for the scheme for the first time.
Earlier, residential property owners in Mohali were not eligible to apply for residential plots, but this time only directly allotted residential sites will be ineligible while others having purchased plot/flat/house in auction or re-sale are eligible.
Several changes have been made in the payment plan, too. This time, 10 per cent of total price will be deposited along with the application form while 15 per cent is payable within 30 days from the date of issuance of Letter of Intent. While 5 per cent and additional price, if any, is payable at time of delivery of possession, the balance 70 per cent will be payable in three different plans.
While 10 per cent rebate will be offered if the entire balance of 70 per cent amount is paid at one go, within 60 days from the date of allotment, no interest will be charged if the amount is paid in seven bi-monthly equated instalments. Ten per cent interest per annum will be charged if the amount paid in seven half-yearly instalments (three-and-a-half-years), the maximum payment period.
If the outstanding balance is paid in lump sum at any time before the due date, 5 per cent rebate will be offered on it.
New terms and conditions
* Scheme will remain open for a month
* Brochures to cost Rs 100
* Will be sold by selective banks
* A draw of lots will be held within a month after the scrutiny of forms
* This time only those directly allotted residential sites will be ineligible while those who have purchased plot/flat/house in auction or re-sale can apply
* Several changes in the modes of payment
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