In an attempt to convert non-performing assets to revenue resources, civic authority: Indore Development Authority (IDA) has decided to take some tough action. They are selling off unsold Indore property at cost price. The civic authority has about 1,200 residential Indore property and commercial spaces which have no takers due to uncompetitive pricing. Several property in Indore have been lying unsold since past several years. The IDA is hoping that lowering lending rates will prompt people living in house on rent to buy a property in Indore.
The IDA has taken a nod from the state government so that they can revise the realty rates of the unsold Indore property. It is expected that the rates of each unit will slash by at least 15-20%. Many people who have taken house on rent might be tempted to buy a property in Indore. Negative market sentiments, stagnation of Indian real estate has forced the IDA to reduce the rates of the properties which were lying unsold. The reduced rates will vary according to location, demand and other factors related to the Indore property.
The civic authority plans to wisely use the revenue generated from selling these properties. The civic body plans to develop several high rises, financial hub, entertainment center, amusement park, local bazaar and complete several infra projects so that the real estate sector can get a boost.
If the slashing down of property in Indore fails to generate buyers interest the civic authorities will study the market rates. The rates of Indore property might be slashed again to find buyers. For people who are currently staying on house on rent this is a wonderful opportunity to invest in the real estate sector. Instead of paying rent they can pay small EMIs and own their dream home in the long run.
The IDA has taken a nod from the state government so that they can revise the realty rates of the unsold Indore property. It is expected that the rates of each unit will slash by at least 15-20%. Many people who have taken house on rent might be tempted to buy a property in Indore. Negative market sentiments, stagnation of Indian real estate has forced the IDA to reduce the rates of the properties which were lying unsold. The reduced rates will vary according to location, demand and other factors related to the Indore property.
The civic authority plans to wisely use the revenue generated from selling these properties. The civic body plans to develop several high rises, financial hub, entertainment center, amusement park, local bazaar and complete several infra projects so that the real estate sector can get a boost.
If the slashing down of property in Indore fails to generate buyers interest the civic authorities will study the market rates. The rates of Indore property might be slashed again to find buyers. For people who are currently staying on house on rent this is a wonderful opportunity to invest in the real estate sector. Instead of paying rent they can pay small EMIs and own their dream home in the long run.
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