PNT Reporter

The Indore Municipal Corporation (IMC) is aggressively tackling property tax defaulters by auctioning off a sizable plot of land to recover overdue dues, aiming to fill an INR 100 crore revenue gap before the fiscal year's end. The 18,000 square meter plot, owned by Sahara City Homes, owes INR 22.94 crore in unpaid taxes. IMC's auction, with a minimum bid of INR 31.80 crore, has garnered interest from multiple parties, potentially aiding revenue targets. IMC is also contacting other defaulters and reviewing records for additional dues, showcasing a commitment to fiscal responsibility and essential service investment for Indore residents.Read more

Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.Read more

DevX, Gujarat's leading Managed Office Space provider, has unveiled a 25,000-square-foot coworking space in Indore, accommodating 300 seats as part of its strategy to expand nationally. Founded in 2017 by the RUPaiya trio and Dev Information Technology Ltd., DevX serves as a Start-up Accelerator, offering comprehensive support and resources to innovative start-ups. The company fosters synergies and encourages collaborative growth, positioning itself as a dynamic hub for start-ups and businesses. With over 25 centres across India, DevX plans to invest Rs 60 crore for further expansion. They also provide a platform for events, seminars, and hackathons in the industry. DevX aims to solidify its nationwide reach by the end of 2023, empowering businesses in collaborative environments.Read more

In the first half of the 2023-24 fiscal year, property registrations in the Indore and Ujjain divisions surged, with 2,73,876 properties registered across 15 districts. This resulted in a revenue of Rs 1,993 crore, marking a 13% increase from the previous year. Indore alone contributed Rs 1,088 crore which is attributed to its booming IT and commercial sectors. Infrastructure developments including expanded road and metro networks, have further fuelled the property market's growth in and around Indore.Read more

Indore, renowned for being the cleanest city multiple times, clinched the title of 'Best Smart City' at the National Smart Cities Conclave 2023. The event celebrated achievements in urban development, awarding Gujarat's Surat the second position and Agra in Uttar Pradesh securing the third spot. Madhya Pradesh was recognized as the Best State, followed by Tamil Nadu, with Rajasthan and Uttar Pradesh jointly securing the third position. President Droupadi Murmu commended the Smart Cities Mission for contributing to urban development. The Smart Cities Mission, promoting innovation and infrastructure development, has been a transformative initiative fostering global collaboration.Read more

The MP Public Assets Management Department is boldly auctioning prime land in Indore's Malharganj area for a remarkable Rs 8.19 crore. This innovative move aligns with the Madhya Pradesh government's strategy to monetize underused or encroached government properties, generating much-needed revenue. The department's portal currently showcases 11 Indore properties for monetization, seven of which are already sold, with more properties under review. A 13,560-square-metre piece of land in Gadrakhedi is up for auction between September 8 and 29, promising transformation and reshaping Indore's real estate landscape. This visionary initiative reflects the state's commitment to innovation and prosperity.Read more

Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.Read more

In response to tepid interest in its rental model, the Madhya Pradesh State Electronics Development Corporation (MPSEDC) is introducing a 30-year lease for IT and ITES firms at Sinhasa IT Park. Located along the Indore-Ahmedabad highway, the park spans 112 acres. The move aims to attract tech businesses looking for long-term commitments. This development coincides with MPSEDC's initiative of constructing a dedicated building for IT companies at the Electronic Complex, marking its determination to bolster the region's tech infrastructure.Read more

The Indore Development Authority (IDA) has taken a significant step towards customer-centricity and transparency with the introduction of lease management and file tracking systems. These cutting-edge systems provide property holders with easy lease renewals and the ability to track application progress. With a focus on e-governance, IDA aims to inspire other development authorities and is set to be recognized with coveted awards in the state. The IDA Indore stands as a premier urban planning agency, responsible for diverse initiatives ranging from infrastructure development to education, healthcare, and business climate enhancement.Read more

Indore's newly-established Metro line has sparked a dramatic surge in the local real estate market. With property values in regions adjacent to the metro, including Super Corridor, Indore-Ujjain Road, and Rau, soaring exponentially, the demand for commercial and residential properties is at an all-time high. This growth has spurred a slew of new developments, particularly in areas offering room for expansion. As the metro network continues to expand, the real estate boom is expected to extend to neighbouring cities, paving the way for potential investors eyeing lucrative returns.Read more

Indore's Municipal Corporation aims to redefine the city's energy landscape with a sustainable initiative: the installation of solar panels across 85 identified neighbourhoods. Mayor Pushyamitra Bhargava and IMC Commissioner Harshika Singh led the initiative, which hopes to garner the city a 'Solar City' title. The comprehensive plan, designed to promote green energy, also incorporates community development projects like restoration of community halls and establishment of a library in the student-heavy Bhawarkuan area. This move sets Indore as a precedent in the race towards sustainable urban living.Read more

Indore has achieved a major milestone in its efforts to legalize illegal colonies, with the publication of the final layout for 100 colonies. Led by Indore Collector Ilayaraja, the initiative aims to provide necessary infrastructure and amenities to these previously unauthorized settlements. The meeting chaired by the collector reviewed the progress and set targets for the next phase, including the development of additional colonies. The meeting also addressed the establishment of Sanjivani Clinics across the city and discussed challenges related to infrastructure development, encroachments, and road construction.Read more

To ensure public safety before the monsoon season, the Indore Municipal Corporation (IMC) in India demolished 21 dilapidated and dangerous structures in zone 8 of the city. Both residents and bystanders were in danger due to the over 50-year-old buildings. In order to widen the route between Raoji Bazaar police station and Sonkar Dharamshala and relieve traffic congestion in the region, the IMC also identified over 100 obstacles in the form of portions of residential and commercial structures that needed to be demolished. The IMC has requested cooperation from property owners in order to protect public safety.Read more

The real estate market in the Indore region, inclusive of Shajapur, Dhar, Ujjain, and Dewas, is booming, recording double-digit growth since the start of the current financial year. With surging demand for commercial and residential properties, the region has registered revenues of Rs 725 crore, up 13% year-on-year. Market expansion is fueled by the inflow of IT companies, industrial area growth, and the Delhi-Mumbai Expressway. Experts predict a sustainable, robust future growth, indicating a promising trend for investors and home buyers alike.Read more

PNT Reporter

The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.Read more

PNT Reporter

Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.Read more

PNT Reporter

Indore, known for its business activities, is planning to construct two additional IT Parks to attract more IT/ITES companies to the area. One of these parks is proposed to be built in the Electronic Complex, while the other is set to be located near the Crystal IT Park. The new IT Parks are expected to offer amenities such as co-working spaces, conference rooms, gymnasiums, restaurants, and accommodation for visiting clients. The MPIDC is striving to create an environmentally friendly infrastructure, with solar panels and direct sunlight provisions included in the design. The new parks are expected to accommodate more than 50 technology firms and help stimulate economic growth in the region.Read more

PNT Reporter

Indore Municipal Corporation (IMC) plans to extend its rainwater harvesting initiatives to an additional 100,000 buildings this year, following promising results from last year's efforts. The plan is expected to increase groundwater levels and aid in water conservation. While no definitive scientific data exists yet, the trends suggest a positive correlation between rainwater harvesting and groundwater replenishment. The initiative is supported by legislative measures, making such systems mandatory in Indore, emphasizing the city's commitment to sustainable water management.Read more

PNT Reporter

The Indore Municipal Corporation (IMC) has demolished a 65,000 square foot commercial structure constructed without the necessary approvals. The owner, previously issued a notice to provide required documentation, failed to comply, prompting the IMC to take action. The cost of the demolition operation will be recovered from the owner. As part of an ongoing initiative, the IMC Commissioner has also instructed officials to identify and issue notices for the removal of dilapidated structures within a week, ensuring the city's infrastructure remains safe and compliant.Read more

PNT Reporter

The Indore District Administration warned Vatsalya Builders and Developers to settle accounts with plot buyers within a fortnight or face strict action and FIR. The company was accused of selling property without T&CP diversion of the colony and not carrying out registration and stamp duty formalities. The company has been instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of plots in a set time limit. ADM and colony cell officials have been roped into the matter to ensure the affected people receive complete rights to the plots they have paid for.Read more