Indore Development Authority invites developers for PPP project

At the recently held Construction World Design Build Conclave & Awards, organized by FIRST Construction Council, Ramprakash Ahirwar, CEO, Indore Development Authority invited developers to participate on a PPP basis in the Start-Up Park Project. Indore Development Authority (IDA), in its bid to make Indore a hub of startups, has announced to spend Rs 450 crore plus Rs 200 cr for land acquisition to develop a startup park in 20 acres of land on Super Corridor. IDA has also finalized and notified 10 Town Planning Schemes across 1500 Ha. Its board has approved the appointment of a consultant for the 20-acre Startup Park. The Startup Park is in Zone 1, the 430-room proposed hotel and convention centre in in Zone 2 and the IT building and shopping complex are part of Zone 3. More than 80 per cent of 4,000 professionals recruited by leading IT companies TCS and Infosys, which have set up their units in Indore's SEZ, belong to Madhya Pradesh boosting its role in the IT segment.

Madhya Pradesh Agiculture Minister Kamal Patel presented the awards to the architects and developers. He lauded the efforts of FIRST Construction Council in inspiring the building community. Developers and CREDAI Indore Secretary Sandeep Srivastava lamented that the stamp duty in Madhya Pradesh was among the highest and urged the state government to support the real estate sector. Pratap Padode, Founder and President FIRST Construction Council cited the IRIS report, “Indore has pipped other central Indian cities such as Bhopal, Varanasi, Meerut, Raipur, Nagpur and Kanpur especially in last quarter of 2022-23 where its demand has risen among the fastest,” he informed.

“Benefits of the Metro rail development will accrue to real estate 500 m on either side of the metro line as experienced by Delhi, Dubai, Paris, Hongkong and London to name a few,” he added. Ultratech Senior Vice President Jayasankar deliberated aspects of green cement, building solutions and concrete products with architects during the panel session.