Demonetisation effect: Land buyers in Indore demand refund from IDA

Hit by cash crunch and spectre of further dip in land prices, those who had booked flats and plots through an open public auction by the Indore Development Authority (IDA) in September this year, are demanding their money back.

Hit by cash crunch and spectre of further dip in land prices, those who had booked flats and plots through an open public auction by the Indore Development Authority (IDA) in September this year, are demanding their money back.

Indore Development Authority building in Indore. (HT file photo by Arun Mondhe)

The IDA held a property fair and invited bids from interested buyers by putting up for sale more than 1,000 plots and flats. To grab them more than 7,500 applications were filled.

The development authority, as per rules, was supposed to open tenders within 90 days of auction and handover allocation letter to the buyers. But since the rule was not followed in this case, experts say, buyers have right to claim their money back.

However, the IDA chairman Shankar Lalwani said the tenders would be opened soon and plots could be handed over to the allottees.

Lalwani said, “Some people are demanding their money back probably due to cash crunch.”

After demonetisation people are speculating that the prices of properties might come down much below the prices they quoted during auction in September, said an IDA official on condition of anonymity.

The IDA has received over Rs 35 lakh by selling the auction applications alone. More than 4,000 applications were sold for 550 plots in scheme no 136 (Niranjanpur), about 1,500 applications were sold for 230 plots in scheme no. 103 (Tejpur Gadbadi) and the rest 2,000 applications were sold for auctioning plots in scheme no. 71 (Gumasta Nagar) and Scheme no. 114.

Bank staff demonstrate to draw focus on issues post note ban

Bank employees staged a demonstration on Wednesday to draw attention of the Reserve Bank of India and Central government regarding the problems being faced by common people and bank officials due to demonetisation.

Bank employees stage a demonstration at Zanjeerwala Square in Indore on Wednesday. (Arun Mondhe/HT)

Organised by All India Bank Employees Association (AIBEA), a similar demonstration was held all over India, said AIBEA secretary Mohan Krishna Shukla. In Indore, the demonstration was held in front of Allahabad Bank, Palasiya branch. MP Bank Officers’ Association secretary Alok Khare and MP Bank Employees Association chairman MK Shukla addressed the gathering.

About ₹1.10 lakh in banned currency was found, out of a total ₹8.70 lakh, in donation boxes at Khajrana temple in Indore on Wednesday. (Arun Mondhe/HT)