INDORE: Madhya Pradesh Industrial Development Corporation (MPIDC) on Monday allotted commercial and residential plots to 23 landowners from whom it pooled land for the upcoming Sector 7 industrial area in Pithampur.
Around 9.5 hectare, including 10 commercial and 427 residential plots, were allotted to landowners by the MPIDC. The value of the land parcels allotted is estimated to be around Rs 49 crore. These allotments include land parcels registered between Sept 1, 2022, and Dec 31, 2022.
The industries department is pooling land from private landowners for developing Indore’s newest industrial expansion — Sector 7 in Pithampur — which is coming up on around 2,090 hectare, comprising 600 hectare of govt land and the remaining being private land. The development cost is estimated to exceed Rs 2000 crore.
MPIDC Indore executive director Himanshu Prajapati said, “Around 23 farmers were allotted land on Monday. This included 427 residential and 10 commercial plots. It was the second allotment in five days.”
With this allotment, a total of 47 farmers have beeb allotted land in five days.
The industrial area has received investment proposals amounting to more than Rs 7000 crore against the allotted 272.91 hectare to industries in Sector 7, said MPIDC.
Action Construction Equipment (ACE), Pinnacle Industries, Shakti Pumps, JSW Paints, Asian Paints, and Ardee Engineering Ltd are a few industries that have taken land in Sector 7.
The land acquisition process follows a unique compensation model, where farmers receive 20 percent of the compensation in cash, while the remaining 80 percent is provided as developed residential or commercial plots.
