Allottees surrender plots at GMADA’s Eco City 2
Akash Ghai
Tribune News Service
Mohali, October 19
After IT City residential pocket, it is the Eco City 2, another pilot project of the Greater Mohali Area Development Authority, which has begun witnessing surrendering of plots by successful allottees here.
Sources said nearly 20 per cent successful allottees had already surrendered their respective plots in the project, located at New Chandigarh, Mullanpur, within a couple of months of allotment of properties.
It is to be noted that a total of 334 plots of various sizes were offered by GMADA under the scheme, which had also drawn lukewarm response at its initial stage.
The sources claimed that the GMADA office had received nearly 70 letters of surrender of plots, so far.
The 1,000 sq yd plot category is the worst hit as more than 30 plots have been surrendered in this section.
The category of 300 sq yd plots comes next with the surrender of nearly 10 plots. Even the ‘much sought after category’ of 100 sq yd plots has also seen the return of two plots.
The main reasons behind the unprecedented step of the allottees and repulsion from GMADA’s project are said to be overpricing, recession in property sector and oversupply against demand.
“The successful allottees are surrendering their properties as these are available at much cheaper rates in the open market. One can get a clear idea of the huge difference in rates in the big-sized plots. One can get a plot of 1,000 sq yd or 2,000 sq yd at the rate of nearly Rs 15,000 per sq yd at the site whereas GMADA has been charging Rs 30,000 per sq yd for these plots”, said a property dealer at Mullanpur.
He claimed that the story was similar with the plots of 400 sq yd size. GMADA’s set rate was Rs 23,000 per sq yd whereas the market rate was a mere Rs 15,000 per sq yd.
Actually, the farmers, who had opted for the land-pooling scheme in the project, were offering plots at much cheaper rates than that of GMADA, claimed the property dealers.
It is to be noted that the scheme had drawn poor response at the initial stage.
It had forced the GMADA authorities to extend the date of closing of the project twice around four months ago. Then the number of applications for the big plots category was much less than the number of plots, offered by GMADA.
Of the total land owners, 42 per cent have opted for land-pooling scheme in the project, worth Rs 600 crore.
Under the land-pooling scheme, the land owner gets residential plots of different sizes up to 1,000 sq yd and one commercial plot of 100 sq yd against each acre of land, acquired by the government.
