Property market is seen hitting a new high this fiscal as revenues from registration of properties in April has more than doubled than the corresponding period a year ago, according to official figures.
Property registrations in May are also expected to cross Rs 100 crore looking at the purchases done until the first fortnight of the month, said industry players.
Property registrations have started on a positive note in this financial year with revenues in April jumping to Rs 122 crore as against Rs 44 crore in the same period a year ago. Revenues in April are also higher on a month-on-month period due to a spike in demand for ready to move in houses and residential plots.
DIG registration Indore region, Balkrishna More said, “Property market has started on a positive note this fiscal and initial trends are encouraging. April has done very well. We have recorded revenues of Rs 122 crore in April and expecting over Rs 100 crore revenues in May as well.”
In the fiscal 2021-22, revenues from property registrations in Indore stood at Rs 1,835 crore, up by 39 per cent from the past year, according to the official data.
Confederation of Real Estate Developers Association (CREDAI), Indore has estimated a rise in demand for ready-to-move in properties and residential plots from home buyers in the ongoing fiscal.
Many developers have applied for approvals of new projects in Indore in the residential category.
According to CREDAI, close to 200 real estate projects valued at over Rs 3,000 crore are awaiting sanctions and various approvals from the local bodies and from Real Estate Regulatory Authority (RERA) in Indore.
Developers said apart from new plotting projects, many duplexes, bungalows and premium apartments may come up in the new financial year.
Bhushan Patel, a developer said, “Many fresh enquiries are coming from home buyers especially for residences and plots. Given the availability of land, customers are preferring plots though duplexes are also much in demand but the spike in cost of construction has now started hurting the pockets of home buyers.”