Indian Express 15.11.2010
GMADA carves out new institutional area
Express News Service Tags : Greater Mohali Area Development Authority, GMADA Posted: Mon Nov 15 2010, 00:48 hrs
Mohali: The Greater Mohali Area Development Authority (GMADA) has carved out a new institutional area in Sector 77 and 79 here. To begin with, it has put on offer five sites, measuring 2 kanal (2) and 4 kanal (3), to promote cultural and literary activities in the city.While two four kanal sites are located in Sector 77, another 4 kanal and two sites of two kanal each are available in Sector 79. For the site measuring 2 kanal, the reserve price has been fixed at Rs 6,250 per square yard while Rs 12,500 per square yard will be the allotment price for 4 kanal sites, a senior GMADA official disclosed.
The Societies and Trusts dealing in promotion of cultural and literary activities in Mohali can apply for the sites along with the application fee of Rs 18.75 lakh for a 4-kanal site and Rs 6.25 lakh for 2-kanal site.
The successful applicants will have to complete their entire project dealing with cultural and literary activities only within three years in a phased manner from the date of taking possession of land. While the ownership of land or any building constructed thereon shall vest in the GMADA, the allottee can, however, mortgage or hypothecate the land to a financial institution/bank for the principal amount and interest to be accrued thereon to the extent the payment of the cost of land is made to GMADA for purpose of raising loan for execution of building construction.
GMADA can cancel the allotment in case the allottee fails to make enough progress within the stipulated time period or in case of any violation of terms and conditions as decided by it from time to time. Though the allotment shall be made on freehold basis, the allottee shall have no right to transfer by way of sale, gift, mortgage or otherwise the site or any of its rights, title or interest therein.
