Income from registration of properties in the festive month October jumped approximately 13 percent in Indore whilst revenues in Indore-Ujjain divisions surged 15 per cent from the corresponding period a year ago, official data showed.
Indore, Ujjain and Dhar recorded substantial revenues from property registrations.
In October Indore garnered income of Rs 214 crore, up 12.8 per cent from the previous year’s corresponding period from registration of property documents amidst heightened bookings in the festive period deemed auspicious to purchase properties.
Revenue in Indore-Ujjain division escalated to Rs 376 crore, up 15 per cent as against the same period a year ago.Balkrishna More, Deputy Inspector General of Registration Indore region said, “There were numerous festivals in October and this was reflected in registration of property documents. A total of Rs 376 crore was generated in Indore-Ujjain in October which was 15 per cent higher year-on-year.”
In Ujjain, income from property registrations in October stood at Rs 39 crore, up 16 per cent, Dhar Rs 22 crore, up 43 per cent, Khargone Rs 14 crore, up 22 per cent, Mandsaur Rs 10 crore, up 22 per cent, official data showed.
Realtors indicated Navratri and Diwali are peak periods for property sales as these are considered to bring good fortune.
They noted, property registrations could have risen further but elevated property prices constrained the upside.
Property agents and builders indicated, the metro project, flyovers and other infrastructure development coupled with increasing demand from industries and information technology companies have escalated property costs in Indore.
Gopal Goyal, chairman Confederation of Real Estate Developers Association (CREDAI), Indore said, “October performed well because all major festivals occurred in that month and numerous dealings completed previously were registered in the auspicious period. Infrastructure is developing in Indore but steep property prices may impede any sharp upside in the property market.”
