NAGPUR: Amid the pandemic gloom on business front, there is some activity in realty sector in Mihan. Maharashtra Airport Development Company (MADC) is planning to invite bids for around 12 acre land in non-SEZ area of the project. Among this includes land being offered to build a star hotel.
Tenders will be issued for private players to bid for taking up 6.5 acre land to build a star hotel. Another 4 acres will be offered for setting up residential-cum-commercial areas, 1.5 acre is also being auctioned for industrial units along with a smaller parcel for a nursing home.
While there is fixed rate for land within the SEZ, open tenders are invited for taking up real estate in the domestic tariff area (DTA) or the non-SEZ part. Apart from units in the SEZ, non-polluting industrial units can be set up in the DTA too. Patanjali Group’s food park is the biggest project planned in the DTA so far.
The base price for the land parcels will be in the range of over Rs630 to Rs570 per square feet, depending on the project, said sources. The highest rate would be fixed for the hotel project. The area already has three major residential projects — First City, Mahindra Lifespaces and Moraj Infratech. Around 700 families are living in the three complexes, said sources.
It is expected there will be enough demand for yet another residential project. There were inquiries on the possibility of building a hotel in the Mihan area too, based on which it was decided to invite the bids, said a source.
In view of the Covid situation, MADC’s board has also decided to freeze the rates of land available in the SEZ area, said a source.
Work on the Patanjali food park project, which had stopped for more than a year, has also begun recently. “Teams of workers have been engaged for cleaning up the site,” said a source.