Housing Board will construct residential projects after the completion of commercial projects.
60% of the land is for commercial use
Indore.
Commercial activities will start first on the 43.27 acre land of Hukum Chand Mill. That is, first malls, retail stores, hotels, IT towers and office complexes will be developed here. After this, construction work for residential use will be done here. MP Housing Board was preparing the master plan here for a year, which will now be implemented. Under this, the board will complete the commercial project through private investors instead of doing it itself. For this, big real estate developers and investors are being searched.
MP Housing Board will promote this project in the Global Investors Summit to be held in Bhopal. For this, big investors related to real estate have been invited in a meeting on February 25. The total land of the mill is 43.27 acres. Under this scheme, 60 percent of the total land i.e. about 25.40 acres area has been reserved for commercial use. At the same time, 40 percent i.e. about 17.87 acres of land will be used for residential purposes. The Housing Board plans to make this place a new iconic destination of the city. For this, suggestions will be taken from investors regarding land ownership, payment terms, allotment in parts, sale rights etc. Further planning will be done on this basis.
This is also a convenience… Office and home will be built in one place
The ‘walk to work’ concept will also be promoted through this project. In this, offices and residential buildings will be built at the same place. This will allow people to live close to their workplace, which will also reduce traffic problems. Due to the rapid development of Indore in the last decade, the availability of land in the city has reduced a lot. Due to this, developers have to go to the outskirts. In such a situation, this land of Hukum Chand Mill, which is surrounded by 45 meter, 30 meter and 24 meter wide roads, will prove to be a big game changer in the real estate sector.
Housing Board paid Rs 425 crore for the land
This land of Hukum Chand Mill was leased by the Municipal Corporation in 1923. The mill ran till 1992. Then it was closed due to financial reasons. After this, the mill management took a loan by mortgaging this land, but the mill could not be restarted. In this case, the legal dispute regarding the rights of the workers and creditors was pending in the High Court. The liquidator appointed by the High Court settled the rights of the workers and creditors. MP Housing Board paid Rs 425 crore to all the concerned parties. After this, the High Court ordered the transfer of the land to the Housing Board on 20 October 202.3.
project… 60% of the area will be used for commercial use and 40% for residential use
Commercial Use And 40% for residential use.
Investors are being invited to work here
A big project of the Housing Board will come up on the land of Kumchand Mill, which is an important step for the real estate sector of the city. There is no such large land in the middle of the city. Investors are being invited to work here. Whichever proposal is the best, further planning will be done according to that and development work will be started. – Rajkumar Bhasne, Executive Engineer, MP Housing Board, Indore.
