GMADA has received a whopping Rs 8,200 crore

The Greater Mohali Area Development Authority (GMADA) has received a whopping Rs 8,200 crore on account of earnest money deposited by the applicants for its much-hyped first independent integrated township project — Aerocity.

Though the banks have transferred almost the entire amount received under the scheme to the GMADA account, some more money may come later following the final compilation of accounts, a GMADA official disclosed on Tuesday.

The amount received has surpassed all estimates made before launching the scheme. “The money received was more than double the number of plots, which means there are stakes of over Rs 2 crore on a single plot,” said an official, while claiming that Aerocity has broken all previous records of the response evoked by any residential urban estate in the entire region till now.

Though the scheme, after remaining open for a month, had closed on July 6, the authorised banks have not yet submitted final reports pertaining to applications received, said GMADA Estate Officer (EO) Balbir Singh. He said as per the preliminary reports available, the number of total applicants will be around three lakh and most applications have been received for lower sizes of plots ranging between 5 to 8 marlas.

“We have asked the banks to expedite the preparation of final reports and submit the same along with received application forms within this week to enable us to begin the process of holding draw of lots,” said Singh, while informing that after receipt of application forms, they will be sorted out in order of category and the final list will be posted on GMADA website for inviting rectification, if any, from the applicants before holding the draw of lots.

GMADA Aerocity Mohali Draw Results

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3,800 plots to be allotted first, separate draw for 200 plots later
Sticking to its earlier commitment, the Greater Mohali Area Development Authority (GMADA) will hold a draw of lots for the allotment of residential plots in its first independent integrated township, Aerocity, in the first week of August and refund the money to the unsuccessful candidates by the first week of October.

Initially, the draw of lots will be conducted for the allotment of 3,800 plots, for which around 3 lakh applications have been received, while a separate draw of lots will be conducted to allot 200 plots reserved for victims of riots and terrorism, GMADA Chief Administrator Vivek Partap Singh told Newsline on Saturday.

Clearing the air over the apprehensions about the draw of lots being delayed since the applications for 200 reserved plots were yet to be invited, Singh said, “We will not wait for those applications, but will go ahead with the allotment of the rest 3,800 plots within minimum possible time as per our commitment.” To ensure this, he said, pressure was mounted on the authorised banks for the early delivery of received application forms to GMADA.

Divulging the plans, the GMADA chief disclosed that on receiving the final list of applicants from the banks, it will be posted on GMADA website for the information of applicants, who may point out errors, if any, for rectification before draw of lots. Letters of intent will be issued to the successful applicants immediately after the draw of lots, giving them 30 days' time for the deposit of 15 per cent of the allotted plot’s total price. On expiry of this time limit, the unsuccessful applicants will be considered for the plots surrendered by the successful applicants. For this, a waiting list in order of seniority will be drawn to the extent of five per cent of the total number of plots available under each category and the plots so made available will be offered to the applicants in the waiting list in order of merit.

Singh said though a maximum time period of 90 days after draw of lots was mentioned in the brochure for refund of earnest money to the unsuccessful applicants, it will be done within 60 days through electronic transfer of funds to the concerned banks.

So far, the GMADA has received over Rs 7,000 crore on account of earnest money deposited by applicants under the Aerocity scheme. “We expect Rs 500-1,000 crore more, which banks are yet to transfer us,” said GMADA Assistant Chief Administrator (Finance & Account) Rajesh Sodhi.After completing allotment of plots in Aerocity, GMADA will launch its second residential urban estate in Mullanpur by the year-end.