INDORE: The Indore Development Authority (IDA) has unveiled its strategic plan to boost revenue generation, aiming to generate around Rs 6,000 crore in the upcoming fiscal year. This projection represents a significant increase, approximately 12 times higher than the revenue generated in the previous financial year, as outlined in the revised budget.
In its budget for 2023-24, IDA has categorized its income sources into six main areas, which include the sale of plots, sale of buildings, lease rent/freehold fee, rent, interest on bank deposits, grants, and other sources.
According to RP Ahirwar, the CEO of IDA, the authority anticipates earning approximately Rs 5,300 crore from the sale of plots located on the Super Corridor, as well as in scheme-140, 78, 94 phase-IV, 166, 155, 169, and 151.
In addition, IDA possesses approximately 1,800 ready-to-sell flats across Indore, which are expected to generate around Rs 411 crore in income upon sale.
Ahirwar stated that IDA currently has around 16,000 properties on lease, eligible for freehold conversion. In the previous financial year, approximately 1,700 leased properties were successfully converted to freehold by charging a fee. In the ongoing financial year, IDA aims to convert around 10,000 properties to freehold, generating approximately Rs 100 crore in revenue through rent and lease payments.
Furthermore, IDA holds bank deposits and fixed deposits totaling around Rs 500 crore, which are expected to generate an income of approximately Rs 40 crore during the current financial year. Additionally, the central government has allocated a grant of approximately Rs 45 crore for IDA’s proposed transport hub in an 8.5-hectare land area in TPS-3.
Ahirwar emphasized that this grant marks a significant milestone for IDA. He further expressed that their goal is not solely focused on revenue generation. The current budget encompasses various aspects, including road infrastructure, education, environmental initiatives, public facilities, and overall development. IDA aims to contribute comprehensively to the overall progress of Indore in the upcoming financial year.
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