Greater Mohali Area Development Authority will soon come up with new residential project at SAS Nagar, Mohali under its New Housing Scheme 2015-16. The housing project will be launched under the land pooling policy of state government. The new budget of 2015-16 is expected to be around 3,400 crores; which also includes 1,800 crores of Development work. The planning expenditure of 2015-16 year is around 100 cores more than the last year.
The government has acquired about 220 acres land in sector-90 & 91 and planning about 800 residential plots in these sectors. And an affordable housing project will also be launched in Sector-66 & 70.
Apart from the completion of Purab Apartments, the construction of two residential projects of GMADA at Sector-88 and Eco City Phase-II would also be completed in 2015-16. The plot size of 8 Marla, 10 Marla and 12 Marla will be included in Sector-90 & 91 residential plots. It is the second residential project under the land pooling policy; the first one was launched earlier by GMADA by acquiring 600 acres land in Sector-88 & 89
Under this policy, after the development of this land into residential, commercial or institutional plot, the farmers would be made the owner of 50% of land acquired from them. In addition of this ownership, a residential plot of size 980 square yard and commercial plot of size 121 square yard will also given to these farmers.
Greater Mohali Area Development Authority will also plans to construct 2BHK & 3BHK flats under the housing scheme at Sector-66 & 70. An official said that “we all know that the property market is facing a slowdown but there is lots of people who are looking for buying their dream home/plot.