IMC receives bids worth Rs 75 lakh | india | Hindustan Times
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IMC receives bids worth Rs 75 lakh

india Updated: Feb 06, 2007 14:23 IST

THE INDORE Municipal Corporation (IMC) has raked in bids amounting to over Rs 75 lakh for the Right of Occupation tenders for 11 of its markets in various parts of the City.

The Corporation recently invited bids soliciting offers from interested parties for erecting hoardings on rooftops of its commercial properties.

Until Sunday, the deadline for submitting bids, the Corporation had received offers worth Rs 75 lakh. The highest bid came for Mhow Naka market with an outdoor advertiser offering to pay Rs 18 lakh for setting up three hoardings measuring 20x10 feet apiece at the site.

The next highest bid, Rs 16 lakh, was received for Shastri Market. Kothari Market and the structure near Navlakha Bus Stand, too, got healthy offers ranging between Rs 6-10 lakh.

The advertisers will have to shell out advertising tax amounting to 20 pc above bidding amount. “The bids have been forwarded to the Mayor-in-Council (MiC), and if approved the tenders will be handed over within a few days,” said IMC Market Officer D S Chauhan.

It may be recalled that the MiC recently cleared a proposal to let out rooftop space at IMC-owned markets for erecting hoardings as well as for commercial purposes including open-air restaurants in a bid to bolster sagging revenues.

Bids for erecting billboards were invited shortly afterwards and Market officials say tenders for open-air restaurants and other commercial outlets on the rooftops are likely to be floated soon.

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