Giving landowners in and around the town a reason to cheer, Greater Mohali Area Development Authority (GMADA) offered compensation of Rs 1.69 crore per acre to farmers whose land was acquired for the development of Sectors 88 and 89. The authority plans to construct 13 to 15-floor high apartment buildings in the area. Apart from this, GMADA auctioned commercial and residential properties this year. The highest bid for a residential plot was Rs 4.60 crore for a one kanal plot in Sector 71. Among commercial properties, an SCO fetched the highest bid of Rs 5.94 crore. GMADA also rolled out its Eco-city project in Mullanpur.
The year ended with GMADA announcing compensations for its soon-to-be-launched Medicity and IT City projects.