INDORE: The Indore Municipal Corporation (IMC) is set to build 8,100 new flats as part of the Pradhan Mantri Awas Yojana (PMAY) to help those impacted by road widening projects and provide affordable housing options.
“The Mayor-in-Council (MIC) has approved the tender invitation for constructing 8,100 new high-rise residential flats under PMAY 2.0,” stated additional commissioner Arth Jain to TOI. He emphasized that the initiative aims to support families displaced by various infrastructure projects while contributing to the local affordable housing market.
The estimated financial outlay for this extensive housing project is about Rs 1,200 crore. This preliminary cost includes the standard government subsidy of Rs 2.5 lakh per eligible unit as per PMAY guidelines.
To maintain the long-term financial feasibility of the project, the municipal corporation will employ a mixed-allocation strategy for the complexes.
As outlined by Jain, the baseline 1-BHK units will be permanently designated for the resettlement of eligible individuals affected by road-widening plans and other civic construction activities. Meanwhile, IMC also intends to offer premium 2-BHK, 3-BHK, and 4-BHK units in these complexes.
The larger apartments will be marketed at standard rates, with the income generated helping to subsidize the overall infrastructure expenses.
