Imc Receives Single Bid, Real Estate News, ET RealEstate

March 28, 2024

<p>Representative Image</p>
Representative Image

INDORE: Indore Municipal Corporation has received a single bid for auction of approximately 18,000 sq m of land of a private colony. The civic body had seized the land to recover property tax and other dues amounting to Rs 23 crore.

IMC additional commissioner Abhilash Mishra said that one firm from Indore submitted a bid with a demand draft of about Rs 1.59 crore. “The base price of the property was set at Rs 31.80 crore, while IMC aims to recover around Rs 22.94 crore by selling land of Sahara City Home on Indore bypass. The bid received is scheduled to be opened on Thursday morning, and will only be accepted if deemed ‘reasonable,’ ” he said.

District administration also plans to approach IMC to adjust dues of approximately Rs 1 crore owed by Sahara City Homes according to Real Estate Regulatory Authority. ADM Roshan Rai said that they were also investigating if any outstanding land diversion tax dues are on the private colony that would be offset from the bidding offer.

IMC has put another seized property up for auction in Nihalpurmundi village, with a base price of Rs 16.42 crore and a total recovery amount of Rs 13.72 crore. Interested parties can submit auction forms until 5 pm on April 3.

  • Published On Mar 28, 2024 at 11:00 AM IST

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