Mohali News: Houses along Mohali golf course not yet

In far US - epicentre of the global economic downturn - recession is said to have set in. India - world's second largest growing economy - has reportedly not been affected to that extent but the real estate sector is definitely in the red. One proof is Greater Mohali Area Development Authority's (GMADA) shelving of its ambitious project of expensive apartments near the upcoming golf range in Sector 65.

While the idea of luxurious apartments - pegged at a total cost of Rs 500-700 crore - around the lush green sprawl was to boost GMADA's revenue by attracting the high-income group, but now authorities fear that investors may shy away because of an overall slump. "We fear we might receive less prices for the houses in the current scenario and, therefore, that project will be revived once the market stablizes and the realty sector starts looking up," said GMADA chief administrator Vivek Partap Singh.

The apprehensive is understandable as thousands of flats coming up in Mohali and its periphery have also failed to attract buyers in the last three months. With private builders lowering prices and offering special sops to attract buyers bearing no fruit, GMADA is wary of setting out on its exclusive housing project at this juncture. It has even postponed its decision to auction prime commercial sites in the city.

The chief administrator, however, said that work on the golf range will go on as scheduled without any changes. Besides, developing the golf range-cum-academy, it also has plans of a clubhouse, restaurant, conference hall, yoga room, library, gymnasium and indoor games facility.

Initially, GMADA had set aside 2 acre for the project, but later an additional three acre was added to it after officials decided to come up with the apartments.

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