Indore Metro network, aimed at easing traffic movement, has bolstered the growth in the real estate sector increasing demand for residential and commercial property in the adjoining areas.
The laying of Metro line is seen further fostering the growth of real estate market in Indore already heading north with close to Rs 150 crore revenue from property registration in a month.
Property rates have increased multifold in the past one to two years in the Super Corridor area, Indore-Ujjain Road, Rau and other adjoining areas targeting the first phase of development. The rise in demand for commercial and residential property has prompted many real estate developers to roll out projects in Super Corridor, Indore-Ujjain Road and Rau among others.
Indore Confederation of Real Estate Developers Association (CREDAI) chairman Gopal Goyal said, “Builders are launching new projects in Super Corridor and MR 10 towards Ujjain amid a growth in demand. Other areas where Metro is passing do not have much space or scope for fresh construction so most new development is coming in this stretch.”
Developers said most of the new development is seen coming up in the Super Corridor and towards Ujjain amid anticipation of rise in demand and rate. Around 20 new projects have started on Indore-Ujjain road in the last 1-1.5 years.
Areas connecting the Metro rail network have also made investors active due to attractive returns and prospects for growth, said developers.
CREDAI Indore member Indore Vijay Gandhi said, “Metro rail network is surely giving a boost to real estate sector. I have launched a property in Bada Bangarda and that is being marketed as residential property near Metro rail station.”
The Metro network is also seen pushing growth of real estate in cities near Indore such as Dhar, Ujjain, Dewas and Shajapur.
From April 1, 2023 to June 13, 2023, 1,07,638 properties were sold in Indore and Ujjain divisions clocking revenues of Rs 725 crore, up 13 per cent from the corresponding period a year ago, according to the data from registrar office.
A real estate agent Vinod Verma said, “Enquiries from investors and end users have jumped sharply in the past one year for areas mainly Super Corridor as people are anticipating good returns in a short time. Though other areas where the Metro will cross have not witnessed much spike because the scope for development is very less due to lack of space.”
