Greater Mohali Area Development Authority, shortly known as GMADA, has been constituted under the provisions of Section 29(1) of the Punjab Regional and Town Planning and Development Act, 1995 for the development and redevelopment of the areas of Mohali, Banur, Zirakpur, Derabassi, Kharar, Mullanpur, Fatehgarh Sahib, Mandi Gobindgarh & Roopnagar under its jurisdiction.
Under Section 28 of the Punjab Regional and Town Planning and Development Act, 1995, the main objects and functions of GMADA is to promote and secure better planning & development of any area of the State and for that purpose the Authority shall have the powers to acquire by way of purchase, transfer, exchange or gift or to hold, manage, plan, develop and mortgage or otherwise dispose of land or other property or to carry out itself or in collaboration with any other agency or through any other agency on its behalf, building, engineering, mining and other operations to execute works in connection with supply of water, disposal of sewerage, control of pollution and other services and amenities and generally to do anything with the prior approval or on direction of the State Government, for carrying out the purpose of this Act.
GMADA Launches Aerotropolis Project: Boost to Mohali's Real Estate Market
The Greater Mohali Area Development Authority (GMADA) has initiated the development of the much-awaited independent township, the Aerotropolis project, in Mohali. The project spread across 1,653 acres of land, is located near the Shaheed Bhagat Singh International Airport in the city. The development of the project will cost around Rs 240 crore, and after completion, GMADA plans to launch the project in phases.
Infrastructure Development in Progress
GMADA has floated tenders for the construction of roads in pockets A, B, C, and D of the Aerotropolis project, and the construction is expected to be completed within 18 months. The development works include the construction of peripheral and grid roads of the pockets. The work will be allotted under the engineering, procurement, and construction (EPC) contract.
Transportation and Connectivity Improvements
The Aerotropolis project is a major road network that will connect the new projects with the National Highways. The 27-km-long Greenfield Highway, which is under construction, will connect the area with National Highway-1 in Sirhind town in Fatehgarh Sahib district. Another road connecting the airport road stretch with Ludhiana Road is also under construction under the Bharatmala Pariyojna.
Residential Plots and Price Range
The new project will offer residential plots ranging from 100 square yards to 2000 square yards, with a tentative price per square yard of Rs 40,000. The project's development will significantly boost the real estate market in Mohali, according to the president of the Mohali Property Consultant's Association (MPCA), Harpreet Singh Dadwal.
Launch Expected Soon
With the development works in progress, GMADA hopes to launch the Aerotropolis project soon. The project's launch in phases is expected to attract significant investment in the area, generating employment opportunities and driving economic growth in Mohali. Overall, the project's completion will provide a major boost to the region's infrastructure, transportation, and connectivity, strengthening Mohali's position as a leading destination for real estate investment in the state.
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5 окт 2024
