Property registrations in June have jumped by 60% as against the corresponding period last year, led by sales of plots and affordable houses despite the deadly second wave of the Covid-19 pandemic, revealed official data.
In June 2021, a total of 11,500 properties were registered in Indore generating income of Rs166 crore, as per data from the registrar’s office. In the same period last year, an income of Rs104 crore was generated from a registry of 6,771 properties.
Property registrations were discontinued from April 21 to May 12 due to the pandemic enforced restrictions. District registrar Balkrishna More said, “There was a significant jump in property registrations after the office was opened post lockdown. June recorded a rise in registrations and revenue is so far the highest in the ongoing financial year.”
Confederation of Real Estate Developers Association (CREDAI), Indore, president Naveen Mehta said, “Plot segment is doing significantly well in Indore’s market. Demand for plots, affordable houses and some benefits on guidelines led to a rise in property sales last month.” He said medium size plots between 800-1,000 sqft and in the range of Rs15 lakh – Rs25 lakh is fetching most demand in the market.
Realtors expect demand for plots to drive the real estate market in the long run due to better appreciation and options available in the market. In April, 4,472 properties were registered and an income of Rs44 crore was recorded, while in May Rs30 crore income was generated from 1,823 properties.
