Close to 1000 properties are getting registered daily in Indore with March seen generating around Rs 350 crore income from sale deeds of property led by a surge in demand for residential apartments and investments in plots and commercial property.
Revenues from property registrations until March 28 with three days left for month end have already touched Rs 250 crore, according to the registrar office hoping to conclude the last month of the financial year near about Rs 350 crore.
Real estate players and property agents said, the waiting period for getting slots for signing property deeds has increased due to a sudden rush of locking deals amid year end closing and an increase in the collector’s guideline rates.
Balkrishna More, deputy inspector general of registration Indore region said, “Every day more than 1000 properties are getting registered in Indore. Looking at the trend, income from property registrations in March is expected to remain around Rs 350 crore. Demand for property in Indore has gone up sharply for all segments like houses, plots and commercial spaces.”
According to the registrar office, revenues from property registrations from April 1, 2022 to March 28, 2023 was Rs 2,020 crore as against Rs 1,836 crore generated in the last fiscal. The nine-day Chaitra Navratri, which is considered an auspicious period for buying property, gold and automobiles, has also lifted demand for houses, said builders.
Confederation of Real Estate Developers Association of India, Indore, chairman Gopal Goyal said, “Navratri is considered an auspicious period when many customers lock deals. Enquiries from customers for houses and plots have gone up and we expect the trend to continue.”
Renewed interest of investors in the property market amid high appreciation has also led to a spike in the real estate market of Indore.