The IDA has more than 1,200 flats/row houses and commercial spaces spread across the city, which are lying unsold for the last couple of years, mainly due to uncompetitive pricing.
To convert non-performing assets into revenue resources, the Indore Development Authority (IDA) has decided to sell off unsold properties at cost price.
Divestment for development
The IDA has taken approval from the state government to revise the rates of the unsold properties
The IDA chairman said the decision has come amid the authority facing difficulties in finding buyers at current prices, given the negative sentiment in the market
For a 2 BHK apartment in Scheme No. 136 with 1140 square feet super built up area the price was fixed at Rs 31.20 lakh
Price of a 3 BHK flat with 1,560 square feet of super built up area was fixed at Rs 43.50 lakh.
The revenue generated will be used for other development works and we have ambitious plans for development of the city in the next financial year.
“We cannot sit on the unsold properties forever, so we have decided sell off the properties at construction cost,” said IDA chairman Shankar Lalwani.
The IDA has taken approval from the state government to revise the rates of the unsold properties, he said.
With the decision, it is expected that the cost of each unit will go down by at least 15-20%.
“Given the negative sentiments in real estate market, it is difficult to find buyer at current prices so we have decided to slash the prices to sell off the properties,”
“We are still calculating the price of the properties as prices vary depending on it is located, he added.
The revenue generated will be used for other development works and we have ambitious plans for development of the city in the next financial year, Lalwani told .
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