The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.
The Indore Development Authority (IDA) has revised the budget reference of its revenue generation from the previous
fiscal year. It increased its revenue generation goal by 12 times and has identified additional sources under six
categories to generate the same. The predicted income for IDA in its budget for 2023–24 is Rs 6,005 crore which is
expected to come from the sale of plots of land/buildings, lease rent or freehold fee, interest on bank deposits, grants,
and such other sources.
Speaking to the press, the CEO of IDA RP Ahiwar said the civic body aims to generate about Rs 5,300 crore in
revenue by selling plots in schemes 140, 78, 94 phase IV, 166, 155, 169, and 151 that are located on the Super
Corridor. Additionally, the IDA will sell 1,800 ready to sell apartments spread out throughout Indore through which it
aims to generate around Rs 411 crore.
About 16,000 of their leased properties are also eligible for freehold ownership. The IDA has set a target to freehold
approximately 10,000 properties in the current fiscal year in order to collect approximately Rs 100 crore in addition to
rent and lease rent. In the previous fiscal year approximately 1,700 leased properties were turned into freehold by
charging a fee.
IDA expects to earn about Rs 40 crore this fiscal year from bank deposits and fixed deposits totalling about Rs 500
crore. The central government would provide a grant of about Rs 45 crore for the transport hub that IDA has proposed
for 8.5 hectares of land in TPS-3.
IDA is set on generating a healthier revenue while catering to the needs of the people. Which is why the civic body
has made sure to incorporate everything in the budget for the current fiscal year such as roads, education, the
environment, and public amenities along with development.
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