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The Madhya Pradesh Industrial Development Corporation (MPIDC) is finalizing a revenue model for office spaces at the upcoming IT Park 4 in Indore's Pardeshipura area. The project, estimated at INR 42 crore, aims to offer seven floors of office space on 30-year leases, targeting tech firms and startups. Bookings are anticipated to commence by September, with expectations to attract over INR 500 crore in investment and generate approximately 4,000 jobs.
The Madhya Pradesh Industrial Development Corporation (MPIDC) is in the final stages of developing a revenue model for office spaces at the forthcoming IT Park 4 in Indore's Pardeshipura locality. This initiative follows extensive consultations with tech firms and startups from cities like Bengaluru, Delhi, and Mumbai, who have expressed interest in establishing a presence in the new facility. Advertisement
According to Himanshu Prajapati, Executive Director of MPIDC's Indore regional office, the corporation has submitted a proposal to its headquarters to determine the optimal allocation of office spaces across the seven floors of IT Park 4. The model aims to accommodate various organizational needs, considering whether to designate entire floors for large enterprises or create shared spaces for smaller units. The final decision is pending approval from the head office.
The project, estimated at INR 42 crore, is expected to generate approximately 4,000 employment opportunities. MPIDC anticipates that the development will attract investments exceeding INR 500 crore. Bookings for the office spaces are projected to begin by September, with leases offered on a 30-year basis. The initial phase will involve the leasing of approximately 70,000 square feet of office space.
This development is part of MPIDC's broader strategy to bolster Indore's position as a hub for information technology and electronics industries. The corporation has previously developed IT Park 3, located on Khandwa Road, which spans about six acres and features 19 floors. Additionally, plans for IT Park 5 are underway in the Barlai area, focusing on artificial intelligence and data center facilities.
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