in

Centre approves Indore’s local area re-development plan, Real Estate News, ET RealEstate

Centre approves Indore's local area re-development plan, Real Estate News, ET RealEstate
INDORE: The local area plan (LAP) of Indore has been selected by the Union Ministry of Housing and Urban Affairs for implementation under town planning schemes (TPS) for selected AMRUT cities, said Indore Municipal Corporation (IMC) on Monday.

IMC officials said that Indore is the only city selected for the scheme in Madhya Pradesh. “Indore is probably the only city till date, whose draft Local Area Plan (LAP) has been approved by the ministry under the scheme. The ministry is also going to showcase LAP project of Indore in ‘Azadi Ka Amrut Mahotsav’ to be held at Lucknow in monthend,” said IMC commissioner Pratibha Pal.

Detailing about the local area plan, she said that the main objective of local area planning is to guide and facilitate redevelopment of already developed areas of the city in a systematic and organized manner. And it may also be considered as the tool to implement the development plan of the city. LAP has been prepared from urban planning and development point of view, and it has been guided by Indore Development Plan 2021 prepared under the provisions of Madhya Pradesh Town and Country Planning Act 1973, she said.

The commissioner said that around 159 hectare of land has been identified near ABD area for development under this scheme. “The entire project will be funded by the way of value capture finance mechanism through redevelopment parcels, premium on commercial, mixed use, additional FAR, parking, plot amalgamation etc.,” she said


What do you think?

Written by Realty Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

Embassy Office Parks REIT raises Rs 300 crore via NCD issue, Real Estate News, ET RealEstate

Embassy Office Parks REIT raises Rs 300 crore via NCD issue, Real Estate News, ET RealEstate

Madras HC dismisses pleas on irregularities in Sidco plots, Real Estate News, ET RealEstate

Madras HC dismisses pleas on irregularities in Sidco plots, Real Estate News, ET RealEstate