Chandigarh, Jan 17 — Clearing the way for a major private investment, the Greater Mohali Area Development Authority (GMADA) has fixed a reserve price of Rs 1,311.18 crore for a 30-acre prime land parcel in New Chandigarh, earmarked for development as a Mixed Land Use (MLU) project through e-auction.
The site, located adjacent to Eco City-1, was earlier proposed as a truck terminal but has now been re-planned under GMADA’s revised urban development strategy.
Officials said the decision reflects both the high economic value of the land and the changing urban character of the surrounding area.
“The land has been identified and put up for e-auction to be developed through private sector participation,” an official said.
GMADA officials said the original truck terminal proposal was reconsidered due to rapid residential development in the area.
“A truck terminal would have led to heavy vehicle movement, traffic congestion and higher pollution levels,” an official said.
“Keeping this in mind, GMADA opted for a more balanced and well-planned development model.”
Under the MLU framework, the project will permit a mix of residential, commercial, office, civic and allied activities, allowing flexibility and more sustainable use of land.
Senior officials said the project would help shape New Chandigarh as a modern urban centre.
“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 said.
Urban planners noted that the move is expected to attract large-scale investment while aligning new infrastructure with nearby residential sectors.