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In a significant development, the real estate sector in the Indore region, which includes Shajapur, Dhar, Ujjain, and Dewas, has experienced remarkable growth since the onset of the current financial year. Demand for plotted properties, commercial lands, and residences is on an upward trajectory, setting a fresh high in year-on-year sales.
Various factors have contributed to this uptick in the property market, including expansion of industrial areas, the establishment of the Delhi-Mumbai Expressway, escalating investor interest, and an increase in residential purchases. The real estate market in these regions is proving to be increasingly attractive and lucrative, as evidenced by its double-digit growth over the last two months.
According to the data from the registrar's office, between April 1, 2023, and June 13, 2023, a total of 1,07,638 properties were sold in the Indore and Ujjain divisions. These sales culminated in revenues of Rs 725 crore, up 13% from the same period the previous year. Last year during the same timeframe, revenue generated was Rs 642 crore from the registration of 96,419 documents. Of all the regions, Indore topped the chart with the highest revenue of Rs 376 crore, followed by Ujjain, Dewas, Dhar, and Mandsaur.
Balkrishna More, Registration Indore region deputy inspector general, corroborated these findings. He commented, "The property market in this region is expanding at an unprecedented rate. From April to mid-June, we collected revenues of Rs 725 crore from the registration of over 1 lakh properties in the Indore and Ujjain divisions."
In the specified period, Ujjain saw an income of Rs 82 crore from property registration, Dewas received Rs 49 crore, Dhar garnered Rs 41 crore, and Mandsaur gathered Rs 25 crore. The surge in the inflow of IT companies, showrooms, and commercial spaces in Indore has triggered a high demand for both residential and commercial properties.
Gopal Goyal, the chairman of the Indore Confederation of Real Estate Developers Association, echoed these sentiments. "The real estate market in Indore and the surrounding areas is on an upward trend," he stated. "Owing to the increased presence of industries and companies in these areas, there is a high demand for plotted projects and residential properties. Moreover, the development of Mahakal Lok has propelled the real estate demand in Ujjain."
In conclusion, the current boom in the real estate market in the Indore region, facilitated by infrastructural development and an influx of industries, signals a promising trend for both investors and home buyers. This growth serves as a testament to the region's ongoing economic progression and its potential to offer lucrative opportunities in the real estate sector. As the market continues to thrive, experts anticipate a sustained period of robust growth in the future.
This story was earlier published in ET Realty
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