Indore: Indore Smart City Development Limited (ISCDL) would construct high-rise buildings worth Rs 2,000 crore for mixed use (both commercial and residential) in MOG Lines area, which has been demarcated for redevelopment under Smart City project. ISCDL on Saturday invited tenders for mixed use real estate redevelopment projects through public-private partnership. The ISCDL stated that commercial-cum-residential buildings would be on land belonging to Kukkut Palan Kendra. The land measuring 8.65 hectares is worth Rs 346 crore as per collector’s guidelines and redevelopment project worth Rs 1000 crore is proposed on it.
Besides, old government quarters land parcel measuring 7.74 hectares would also see commercial cum residential structures. The land cost is about Rs 310 crore as per collector’s guidelines and Rs 1000 crore would be spent on demolishing old structures and constructing the new ones. Sources said seven to eight high rise buildings would be set up on both the lands put together. Earlier, tenders were floated but cancelled later due to technical issues.
