Indore development body’s fair to sell over 800 flats at five-year-old rate begins

INDORE: Indore Development Authority (IDA) on Monday started a six-day fair to sell more than 800 flats in apartments constructed in Scheme 155 at ‘five-year- old rate’.

IDA chairman Jaypal Singh Chawda said the authority has a total 808 ready for possession flats in its apartments in Scheme 155 near Sangam Nagar in the low and middle-income group categories.

“The apartments are in middle of the city with around 3 km from Super Corridor and 4 km from Rajwada Palace,” he said adding that the campus has a total of three gardens along with facility of lift, covered parking, boundary wall and fire safety arrangements.

“The initial price of 2RK flat (total 35 units) starts from 9.74 lakh, while 1BHK (total 565 units) and 2BHK (total 208 units) starts at 15.35 lakh and Rs 20.09 lakh, respectively,” the authority CEO RP Ahirwar said adding that the authority has deployed its staff at the spot for inspection of the units and spot booking.

“The fair to sell the flats at five-year-old rate will last on March 25,” he said adding that on the very first day, the fair received good response from potential buyers visiting the apartments and inquiring for same.

Amid a boom in the real estate market and a rise in the rate of property, IDA has identified a total 1820 flats in its different apartments to be sold at the old rate. The price of these properties ranges from Rs 10 lakh to Rs 40 lakh/unit. So, the same is expected to attract buyers of middle-income group the most.

IDA had completed its apartments in Scheme 155, 134 and 136 before Covid-19 outbreak in 2020. But as no tender was invited to sell them, many flats in these buildings are lying vacant.