Tag: Greater Mohali Area Development Authority

Industry

Mohali development body auctions 24% of plots on offer, earns ₹136 crore

MOHALI: The Greater Mohali Area Development Authority (Gmada) earned over Rs 136 crore from its latest property auction, which concluded on Thursday evening. However, the response remained lukewarm with only 17 out of 72 residential and commercial sites sold — just 24% of the total properties on offer. The highlight of the auction was the sale of a 4.02-acre school site in Ecocity-2 that fetched Rs 59 crore, slightly above its reserve price of Rs 57.9 crore. The plot was acquired by Blue Wing Education Society, marking one of the highest single-property bids in the auction. Among residential properties, two…

Regulatory

Homebuyer seeking refund can’t ask builder to reimburse loan interest: SC

NEW DELHI: Supreme Court has held that a homebuyer, who seeks refund due to delay in completion of a project, cannot claim that a developer also reimburse the amount paid as interest on home loan. The buyer is only entitled to the principal amount paid to a company and a ‘compensation’ in terms of the interest on the said amount as per the agreement, it said. It set aside a consumer court order directing the Greater Mohali Area Development Authority to reimburse the interest paid by a homebuyer to a bank on home loan in addition to refunding the principal…

Industry

Mohali development body to slash enhancement charges by ₹800 per sq metre

Representative Image MOHALI: In a major relief to nearly 30,000 residents of sectors 76 to 80 in Mohali, the Greater Mohali Area Development Authority (Gmada) is set to reduce enhancement charges by Rs 800 per square metre. The charges, which were earlier pegged at Rs 3,164 per square metre, will now be revised to Rs 2,364 per square metre, subject to final approval. Enhancement charges refer to the additional amount levied on plot allottees to compensate original landowners during the land acquisition process. Gmada had taken an undertaking from all allottees at the time of plot allotment, agreeing to pay…

Infrastructure

Gmada to acquire 2,600 acres of land across Mohali to curb mushrooming of unauthorised colonies

Representative Image MOHALI: In a significant push towards curbing the mushrooming of illegal and unauthorised colonies, the Greater Mohali Area Development Authority (Gmada) is set to acquire land across the city. The Punjab govt has approved the acquisition of nearly 2,600 acres of land across various sectors for commercial, institutional, industrial, and residential use. The decision was taken during a meeting of the executive committee of Gmada here Friday. It was chaired by state chief secretary KAP Sinha. As per the plan, 236 acres will be acquired in Sector 87 for commercial purposes, 313 acres in Sector 84 for institutional…