The Indore Development Authority [IDA] recently announced the launching of two residential projects at the Super Corridor which is an 8-Km stretch and is known to be the best destination to make an investment. Currently, multiple number of residential and commercial projects are going on in a phase-wise manner in this region.
It is expected that the government housing scheme will make life better for the end-users who seek long-term investment in the city.
The development authority has planned to launch Scheme-172 and Scheme-176. Both these housing projects will be developed in next the two years on a land parcel of 500-acre. The 70 percent of the project construction will take place on government land, whereas the farmers land will be acquired to gather the remaining 30 percent of the land share. The farmers whose land will be acquired will then get 33 percent ownership of the plots in these colonies on FAR [Floor-Area ratio] between 1.5 and 2.
Both these housing projects and plots will be developed on the Super Corridor that connects Airport Road with Bhorasla Ujjain Road. The investors can have a look here to make an investment in ready for possession plots as 300 such plots are lying vacant with the authority.
Out of these 300, 50 are the commercial plots.
As per the Master Plan 2021, this corridor can be used for 18 construction activities that include corporate offices, malls, multiplexes, and housing. Additionally, megaprojects such as the sports complex, medical hub, and a convention centre which is already proposed under this corridor.
Apart from this, a 25-storey building housing 5,000 sq. ft. of commercial, hospitality and retail space will soon be completed here. The Central Cabinet recently sanctioned Indore metro project that will ply through the city and will come to Super Corridor. The metro route will begin from Bhawarshala Square, passing and is planned to connect entire city via airport.
The companies like Tata Consultancy Services and Infosys, have their functional campuses in the commercial zone here.
According to a leading real estate expert, currently, there are more than 20 under-construction projects and 15 ready-to-move in projects in the area. Each of the flat/apartment cost Rs 2,000-3,000 per sq.ft. on an average and the monthly rental stands at an average of Rs.10,800.