GMADA Fixes Rs 1,311.18 Crore Reserve Price for Former Truck Terminal Site
The Greater Mohali Area Development Authority has taken a decisive step. GMADA has fixed a reserve price of Rs 1,311.18 crore for a prime 30-acre land parcel in New Chandigarh. The authority will develop this site through private sector participation via an e-auction.
Mixed Land Use Project Replaces Truck Terminal Plan
This land was originally earmarked for a truck terminal. GMADA officials reconsidered that plan due to rapid development in the area. The new Mixed Land Use project will allow residential, commercial, office, and civic activities on the same plot.
An official explained the reasoning behind this change. "A truck terminal would have increased heavy vehicle movement, traffic congestion, and pollution levels," the official said. "We opted for a more balanced and well-planned development model instead."
The site adjoins Eco City-1 in New Chandigarh. Its strategic location near residential sectors makes it valuable for urban development.
Shaping New Chandigarh's Urban Identity
GMADA believes this project will play a key role in shaping New Chandigarh. Officials envision a modern, well-organized, and environmentally friendly urban center emerging from this development.
"Development of this 30-acre site adjacent to Eco City-1 will significantly strengthen New Chandigarh's urban identity in the coming years," a senior GMADA officer stated.
Urban planners support this move. They say it will attract large-scale investment while supporting sustainable growth. The development aligns infrastructure with the surrounding residential landscape.
Sector 62 Conversion to Mixed Land Use
In a related policy shift, GMADA has decided to convert large chunk sites in Sector 62 into Mixed Land Use sites. This area houses the PUDA Bhawan and several commercial complexes.
Officials explained why purely commercial sites struggled in earlier auctions. "Large, purely commercial sites failed to perform well in the market," an official noted. "High reserve prices and better investment options in nearby Aerocity and IT City affected their appeal."
Under the new framework, GMADA will offer multiple MLU plots in Sector 62:
- One cluster of five plots measuring 27.77 acres
- Another cluster of two plots spread across 12.92 acres
- Additional sites measuring 5.51 acres and 6.30 acres
These MLU sites will permit commercial, residential, civic, cultural, office, and allied uses. This flexibility makes the land more dynamic and viable for investors.
Financial Benefits and Urban Growth
A senior GMADA officer highlighted the financial advantages of mixed land use. "Purely commercial sites have limited flexibility, which increases costs and reduces competitiveness," the officer said. "With mixed land use, the same land becomes more dynamic and viable, ensuring better returns and wider interest from investors."
Sector 62 already features several malls and commercial complexes. This has led to near saturation of conventional commercial space. While MLU and commercial sites cost the same, MLU development better safeguards GMADA's financial interests by attracting diversified projects.
Urban development experts believe this strategy will enhance Sector 62's appeal. It should also provide fresh momentum to urban growth in Mohali and New Chandigarh.
"This strategy is expected to accelerate investment and construction activity while maintaining a healthier balance between residential and commercial development," experts concluded.
