Indore district has generated an income of Rs 689 crore from sales of property, highest amongst the 15 districts of Indore and Ujjain divisions, in the first quarter of the financial year and in July led by a spurt in demand for residential units and commercial spaces.
The income this year from property registration is 16 per cent higher than the corresponding period a year ago. More than 50,000 properties were registered in Indore district during April to July, 2023 clocking income of Rs 689 crore, according to the data from the registrar office.
The laying of Metro line network, spike in footfall of corporates, industries, information technology companies and infrastructure development has lifted property prices in Indore, said industry players.
Indore region deputy inspector general of registration Balkrishna More said, “Property sales are rising year-on-year and we see a further upside in the festive season starting with Rakshabandhan. We have increased the number of slots for property registrations looking at a high number of documents coming for registration.” In Indore and Ujjain division, Shajapur, Khargone and Agar-Malwa districts saw a significant jump in sales of properties during April-July 2023 as against the same period a year ago.
Revenues from property registrations in Shajapur, Khargone and Agar-Malwa districts from April to July, 2023 jumped by 48 per cent, 39 per cent and 30 per cent respectively, according to the data from the registrar office.
Property rates have risen multifold in the past one to two years in the Super Corridor, Indore Ujjain Road, Rau and adjoining areas targeting the first phase of development.
Confederation of Real Estate Developers Association (CREDAI) Indore chairman Gopal Goyal said, “The spurt in demand has prompted many developers to launch new projects in built up and commercial spaces. The movement of corporates has grown in city and office space has come in high demand.”