Almost 800 apartments will be sold by the Indore Development Body at a five-year-old pricing.

INDORE: A six-day expo organized by the Indore Development Authority (IDA) began on Monday with the goal of selling more than 800 apartments built under Scheme 155 at a discount to their five-year-old value.

According to IDA Chairman Jaypal Singh Chawda, the organization has 808 low- and middle-income group ready-for-possession units in Scheme 155 near Sangam Nagar.

The apartments are located in the center of the city, approximately 3 kilometers from the Super Corridor and 4 km from Rajwada Palace, he added, noting that the campus also has a lift, covered parking, a boundary wall, and fire safety measures.

According to CEO RP Ahirwar of the authority, “The initial price of 2RK flat (total 35 units) starts at 9.74 lacks, while 1BHK (total 565 units) and 2BHK (total 208 units) start at 15.35 lakh and Rs. 20.09 lakh, respectively. The authority has also deployed staff to the site for spot booking and unit inspection.

“The fair to sell the flats at five-year-old rate will last on March 25,” he said, adding that the show had a decent response on the first day from people looking at the apartments and making inquiries about them.

IDA has identified a total of 1820 flats in its various units to be sold at the old rate amid a boom in the real estate market and an increase in the rate of the property. These homes cost between Rs 10 lakh and Rs 40 lakh per unit. The same is therefore anticipated to draw purchasers from the middle-income segment the most.

Before the Covid-19 outbreak in 2020, IDA had completed its flats in Schemes 155, 134, and 136. But many of the apartments in these buildings are empty because no bids were requested to sell them.