Indore Development Authority (IDA) on Thursday expressed agreement to handover 2.64 hectares of land situated at Vijay Nagar Square for a metro rail’s station but has demanded equal value of land or its market price.
IDA chairman Jaypal Singh Chawda, collector Manish Singh, IMC Commissioner Pratibha Pal, CEO Ramprakash Ahirwar and T&CP joint director SK Mudgal on Thursday held a discussion over the agendas tabled in the board of directors’ meeting.
“The urban development and housing department had approached IDA to transfer its 2.64 hectares of land situated at Vijay Nagar Square. We agree to it on a condition of either receiving equal value of land or its market price as we have many projects to spend on” Chawda said.
He added that the urban development and housing department requires said land for a metro rail’s station there.
“The board, in the meeting, has given administrative approval of Rs 3.37 Crore to setup incubation centre for startup projects in two rooms of IDA’s Anandvan phase-1 building situated in Scheme 140” the chairman said, adding that facility is expected to help budding entrepreneurs to setup and nurture their startup projects (business ideas).
IDA, which has proposed ambitious residential projects including TPS-1, 3, 5 and 8, has decided to approach the collector to buy some more time for study of the land pooling act.
“September 30 is the last date to finalize a proposal to acquire lands required for aforesaid schemes under land pooling act that however seems not possible. We have decided to seek extra time from the administration for it” Chawda said.
Meanwhile, IDA and local administration has started making required preparations for chief minister Shivraj Singh Chouhan’s visit on Friday as he will lay the foundation stone for a flyover proposed at busy Luvkush Square.
IDA has already sanctioned the minimum bid of Rs 47.27 Crore, Rs 41.18 Crore and Rs 56.67 Crore respectively for construction of a flyover each at busy Bhawarkuan, Khajrana and Luvkush Square.