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The Indore Development Authority (IDA) has identified a total of 1,820 flats in its different apartments complexes that will be sold at a three-year-old rate. The price range of these properties will be between Rs 10 lakh to Rs 40 lakh per unit, which is expected to attract middle-income group buyers the most. IDA had completed construction of the the apartments in Scheme 155, 134, and 136 before the Covid-19 outbreak in 2020. However, as no tender was invited to sell them, many flats in these buildings have been lying vacant. Thus, the authority has decided to sell them at the ‘three-year old rate’ (as of 2020) along with inviting tenders to sell flats in the newly constructed Amaltas Highrise Building located in its Scheme 136.
IDA Chairman, Jaypal Singh Chawda, announced that a total of 1,820 flats, including 1 BHK and 2 BHK apartments, situated in the above-mentioned schemes, will be put on sale with prices ranging from Rs 10 lakh to Rs 40 lakh per unit. He also suggested that if they were to receive more than one tender, the properties will then be sold via a lottery system.
IDA has fixed the rate of Rs 15.77 lakh for a 1 BHK flat of 52.77 square meter super built-up area in Amaltas High Rise Apartment that has a total of 672 units. IDA’s Gulmohar Apartment has a total of 144 flats, and a 1 BHK flat of 61.57 square meter super built-up area will be sold at Rs 14.26 lakh, while another apartment in Scheme 136 called Harshringar Campus has a total of 177 flats, and each unit of 2 BHK with 96 square meter super built-up area will be put on sale at Rs 36.5 lakh.
In Nipania’s Scheme 134 of IDA, a 2 BHK flat of 107 square meter super built-up area on high-rise campus (a total of 25 flats) will be sold at Rs 40 lakh per unit, while in its Scheme 155, IDA has fixed the rate of 1 BHK flat with 77.41 square meter super built-up area at Rs 15 lakh per unit (total 565 units), and a 2 BHK flat with 101.10 super built-up area at Rs 20 lakh per unit (total 208 units).
The move by IDA is expected to benefit the middle-income group who are often priced out of the property market due to the high cost of properties. By offering properties at a rate that is three years old, IDA is providing an affordable option for people to invest in real estate. The decision to sell the vacant flats will also help IDA in generating revenue and reduce the number of vacant properties in the city. The tendering process and lottery system will ensure that the sale of properties is conducted transparently, and buyers get a fair chance to invest in the properties.
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