INDORE: Sales of property in Indore and Ujjain divisions in the last eight months of this fiscal year have jumped by 11 per cent from the same period a year ago due to a surge in registration of sale deeds for commercial property and plotted projects.
Sales of property have jumped year on year from April to November though a dip in November was witnessed due to assembly elections. In Indore, income from property registrations in November decreased to Rs 171 crore from Rs 190 crore in October, shows data from revenue department.
Income from property registrations between April 2023 and November 2023 across 15 districts in Indore and Ujjain divisions stood at Rs 2604 crore as against Rs 2334 crore, official data showed.
In the ongoing financial year until November, 3,51,979 property were registered in Indore and Ujjain divisions.
In the region, the highest number of property were registered in Indore clocking revenue of Rs 1450 crore.
Indore region deputy inspector general of registration Balkrishna More,said, “There has been an increase of 11.6 per cent in revenues from property registrations in Indore and Ujjain divisions. Shajapur, Khargone, Agar, Alirajpur and Indore have witnessed major spikes in property sales in the last eight months of the current fiscal.”
The rise in property purchases has led to a decline in unsold inventory of flats and row houses in the city by around 30 per cent, said developers.
They said, the boost in infrastructure development in Indore and surrounding followed by footfall of speciality hospitals and academic infrastructure, has fuelled the property market.
Confederation of Real Estate Developers Association of India (CREDAI), Indore chairman Gopal Goyal said, “It’s a very good period for the real estate. There is genuine demand from home buyers and people looking to invest for the future as the region is growing by leaps and bounds. In the central zone, Indore and surrounding cities have undergone significant makeover and development.”
Developers said, in Indore, property prices have jumped sharply in bypass, Nipania, Jhalaria and Rau areas amid high demand from homebuyers.
