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IDA may net additional Rs 300- 400- cr

Draft rules call for unlocking reserved plots/houses and selling them to public.

india Updated: Jun 12, 2013 15:20 IST
HT Correspondent
HT Correspondent
Hindustan Times

The Indore Development Authority (IDA) could net an additional Rs 300 - 400 crore frozen in real estate assets that were so far unloaded.

Around 200 IDA properties currently remain locked because they are meant for SC/ ST, freedom fighters, mediapersons and other reserved categories.

However, in many cases the intended beneficiaries, particularly SC/ST members, show little interest and the plots/ houses remain unsold despite multiple rounds of tendering.

Now the government is planning to tweak the Vyayan Nima (rules governing the sale of IDA properties) which would allow reserved plots to be sold to the general category. There is, however, a minimum of three rounds of tendering have to be held before the reserved plots can be unlocked for the general public.

The “three-strikes-and-out” proviso is among the proposals listed in the draft.

Estate department officials said the new rules, if cleared, could help IDA earn around Rs 300 to 400 crore rupees.

“There are many large-sized plots reserved for SC/ST members which have not found any bidders despite several rounds of tendering simply because their price puts them beyond the reach of reserved categories,” said an officer.

He said 6 jumbo-sized plots, each reserved for SCs/STs, had remain unsold despite several rounds of tendering.“Each plot is price at around Rs 20 crore, so that’s Rs 120 crore right there,” he pointed out.

Reserved plots had also found few takers at Scheme No 134, Scheme No 78 (ii) and several other areas.

In response to a question he said the total number of such plots/houses numbered around 200.

The new rules also call for slashing interest rates by 3 per cent to 3.50 per cent and handing over possession of the property to the allottee after he pays 25 per cent.

First Published: Jun 12, 2013 15:10 IST