Indore Development Authority To Launch Two Housing Schemes On Super Corridor
To give a fresh lease of life to the city’s once most sought-after investment destination, Super Corridor, the Indore Development Authority (IDA) has announced two new residential housing schemes on the eight-km stretch. At present, there are a number of private residential and commercial projects in different phases of development in the area. The government housing scheme is further expected to make the prospects for end-users looking for long-term investment in the city lucrative.
The IDA is planning to launch Scheme-172 and Scheme-176 that will be developed on a 500-acre land in the next two years. While 70 per cent of the project will be constructed on government land, another 30 per cent of land will be acquired from farmers. These farmers will be then provided with 33 per cent ownership of the plots in these colonies for a floor-area ratio (FAR) between 1.5 and 2.
The housing complexes and the plots will be developed on the Super Corridor that connects Airport Road with Bhorasla Ujjain Road. Those who are looking for plots ready for possession here could invest in 300 plots lying vacant with the authority, out of which 50 are commercial.
According to the Master Plan 2021, the corridor can be used for 18 types of construction activities, including corporate offices, malls, multiplexes, and housing. Additionally, megaprojects such as sports complex, medical hub, convention centre are already proposed under his corridor. Also a 25-storey building housing 5,000 square foot of commercial, hospitality and retail space will soon be completed here.
Recently, the Union Cabinet had also approved the Indore metro project which will run in the loop along the city, touching the Super Corridor, starting at Bhawarshala Square, passing through the airport and circling the city.
On the commercial front, two IT majors, Tata Consultancy Services and Infosys, have operational campuses here.
At present, there are over 20 under-construction projects in the area while over 15 projects are ready-to-move, according to data available with Makaan.com. The average cost of an apartment in the area is Rs 2,000-3,000 per sq ft, depending upon the location of the project while the monthly rent stand at an average of Rs 10,800.
Up to Rs 15 lakh
Rs 21-30 lakh
Rs 35-51 lakh
Up to Rs 72 lakh