IDA, Super Corridor Indore

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Two new Residential projects in Indore’s Super Corridor

• Indore Development Authority (IDA) has planned to come up with two residential projects after a gap of around a decade. The planned Scheme-172 and Schemes-176 will take shape on Super Corridor and going to be developed on about 500 acres in next 2-years. 

SUPER CORRIDOR INDORE PROPERTY SELLER

IDA has decided to include farmers to develop the proposed schemes, whose land will be taken in the planning. The authority will also provide them ownership rights of 33% plots of the developed colony. IDA is not in the mood and has decided not to wait for the entire land, suggested for proposed schemes, but execute sector-wise development on land as received.

The most part of the proposed schemes are government land and authorities have already been allotted the same.

Moreover, the authority will need around 30% of the land from farmers. Discussion with farmers is started to make them agree on taking ownership of 33% of their developed plots with floor-area-ratio (FAR) between 1.5 and 2.

In the past, IDA had acquired land for Scheme-156, 166, 169-A and 169-B but unable to provide developed plots to farmers in the promised time. This time they do not want to repeat the same mistake and have decided to include them as a planner in the recommended schemes and give up developed plots to them based on the agreement after executing the scheme.

Currently, IDA has land banks of around 300 plots including over 50 commercial ones in different schemes. Being a state government’s entity, IDA is supposed to get all required permissions in the execution of its schemes and give all promised amenities along with broader roads, better drainage, drinking water, and power supply facility within promised date and therefore, is one of the first choices for buyers in the year to come.

Latest updates on Indore:Super Corridor is all set to get longer by 2 km. Indore Development Authority has already given administrative approval of Rs.30 crore for development of RW-2 Road linking with Indore-Pithampur road to cover way for the expansion of Airport and development of scheme-172.

District stamp and registrar department of Indore has witnessed a surge of around 10% in the number of property registrations due to increasing demands in the affordable housing segment.

More than dozen real estate projects managed by Indore and Bhopal have tried an extension from MP Real Estate Regulatory Authority after they missed the deadline to complete the project as per stated deadline at the time of registration.

Phoenix Mills acquires under-construction mall in Indore for Rs 234 crore.

Around 1,000 affordable homes in Indore to be completed by April 2019 end.

Indore Forest Department gets 30ha land in exchange for Metro depot near Super Corridor.

The shipping and railway ministries along with Madhya Pradesh and Maharashtra governments entered into a pact to implement around Rs 90 billion Indore-Manmad rail project.

Indore Development Authority (IDA) has initiated the process of issuing development bonds to raise Rs 500 crore for development of the Super Corridor.