Indore (Madhya Pradesh): Indore Smart City Development Limited (ISCDL) has initiated the process to auction five large land parcels of around 42,000 square feet each through an online tender.
The parcels, located along the MG Road corridor, are expected to generate revenue of more than Rs150 crore for the Smart City project.
According to officials, the Smart City company had earlier acquired government land in the MG Road area and divided it into smaller plots for sale. In the past, several plots were auctioned through tenders and purchased by developers and builders from the real estate sector.
Continuing the process, the company has now decided to auction five additional parcels through an online bidding system.
According to Smart City administration officials, the combined reserve price of the five parcels has been estimated at over Rs150 crore. However, the final revenue will be known only after the tender process concludes and the bids are opened. The land parcels are suitable for both commercial and residential development, making them attractive to investors and developers.
Officials also said the land was developed after demolishing old government quarters and clearing vacant plots, following which the land was prepared for redevelopment under the Smart City project.
Details of the new tender
Following the cancellation of the earlier deal, officials indicated that the land may now be divided into smaller parcels and auctioned again. The Smart City company has issued online tenders for the sale of several commercial plots, including:
Block 18: 968 square metres
Block 1-C: 968 square metres (commercial use)
Block 12: 273 square metres
Block 14: 959 square metres
Block 15: around 959 square metres
Interested buyers can submit bids until April 9, while the online tender will be opened on April 10. A pre-bid meeting is scheduled for March 20 to clarify queries from potential investors and developers.
