Around 3 lakh property registrations were recorded in Indore and Ujjain divisions, clocking a revenue of Rs 1,993 crore in the first two quarters of the fiscal, as per the data from the office of registration and stamps.In the first six months of the 2023-24 financial year, 2,73,876 properties were registered across 15 districts falling under Indore and Ujjain divisions.
The income from the property registrations during April -September, this year, is 13 percent higher than the corresponding period of the last year. In the Indore-Ujjain region, Indore saw the highest revenue of Rs 1,088 crore during the first two quarters, the data showed.
The growing information technology sector, industries and commercial activities in Indore, a tier 2 city, have triggered a spike in the property market, eyeing record transactions this fiscal.
“Property registration has started on a positive note this fiscal and is seen growing higher than last year. Looking at the trend, we expect to easily touch the target set at Rs 4,618 crore for the financial year 2023-24,” deputy inspector general of registration (Indore region) Balkrishna More said.
Income from property registration in the last financial year was Rs 3,815 crore.
Experts and realtors said that the rapid expansion of the road, rail and air network has boosted the demand for real estate in Indore.
“Property market looks to be moving up further in the coming festive months. Development of BRTS corridors, metro network, industrial and IT corridors have led to a significant surge in demand for plotting and construction in the city,” Confederation of Real Estate Developers Association of India chairman Gopal Goyal said.