The property market in Indore and nearby cities is growing fast in volume and value bolstered by a spike in demand for plotted units, commercial land and residences setting fresh high in sales year-on-year.
Property sales have recorded a growth in double digit in Indore, Shajapur , Dhar , Ujjain and Dewas in the past over two months since the beginning of the new financial year. Expansion of industrial areas, Delhi-Mumbai Expressway, investor demand and purchases from home buyers has led the growth in the property market, said experts.
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 the registrar office. In the same period last year, revenues were Rs 642 crore from registry of 96,419 documents in Indore and Ujjain divisions. The highest revenue was recorded in Indore at Rs 376 crore followed by Ujjain, Dewas, Dhar and Mandsaur.
Registration Indore region deputy inspector general Balkrishna More said, “Property market is growing at a rapid pace in this region. Since April to June 13, revenues of Rs 725 crore were collected from property registrations of more than 1 lakh documents in Indore and Ujjain divisions.”
Between April 1, 2023 to June 13, 2023, income from property registration in Ujjain was Rs 82 crore, Dewas Rs 49 crore, Dhar Rs 41 crore and Mandsaur Rs 25 crore.
Property dealers said, increase in footfall of IT companies, showrooms and commercial spaces in Indore have triggered high demand for residential and commercial property.
Indore Confederation of Real Estate Developers Association chairman Gopal Goyal said, “Property market is trending on a good note in Indore and nearby areas. Plotted projects and residential property are high in demand due to rise in footfall of companies and industries in Indore and nearby cities. The development of Mahakal Lok has pushed high demand for real estate in Ujjain.”