69.50 sq ft shop in Indore attracts Rs 1.72-crore bid for 30-year lease

A puja material selling shop measuring just 69.50 square feet and located in the famous Khajrana Ganesh Temple complex in Indore city has attracted a whopping bid of Rs 1.72 crore for a 30-year-lease

A puja material selling shop ad measuring just 69.50 square feet and located in the famous Khajrana Ganesh Temple complex in Indore city has attracted a whopping bid of Rs 1.72 crore for a 30-year-lease, way above the base price of Rs 30 lakh, an official of the shrine said on Wednesday.

This makes it one of the highest rates offered for a commercial property in the country, he said. Participating in the tendering process for the property, a local resident offered to pay Rs 1.72 crore for the shop '1-A', the highest bid received for the outlet, for taking it on lease for a period of 30 years, the official said. The temple is the owner of the shop and its actual area is 69.50 square feet, which means the man has paid Rs 2.47 lakh per square foot, he said. As per lease conditions, the shop can be used only for selling flowers, 'prasad' (devotional offering) and other puja material, the official said. The tendering process was completed under the supervision of the Indore Development Authority (IDA).

For leasing the outlet, the minimum base price was fixed at Rs 30 lakh by the temple authorities which means the shop attracted a bid which was six-time more than the base rate.

A large number of devotees visit the Khajrana Temple everyday from Madhya Pradesh and also other parts of the country and shops near the shrine selling flowers, 'prasad' and puja material do a brisk business.