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Indore's real estate market is witnessing a massive surge as property values skyrocket in areas neighbouring the newly established metro line. The project, which intends to streamline traffic flow, has inadvertently stimulated the property sector, triggering a sharp increase in demand for both commercial and residential properties in its vicinity.
Over the past two years, property prices in the Super Corridor region, along the Indore-Ujjain Road, and Rau, have escalated dramatically, reflecting the development linked with the first phase of the metro network. The mounting demand has spurred several real estate developers to initiate new projects in these rapidly-growing areas.
According to Gopal Goyal, the Chairman of the Indore Confederation of Real Estate Developers Association (CREDAI), the increased demand in the real estate sector has motivated builders to initiate new projects in the Super Corridor and MR 10 areas leading towards Ujjain. While the regions covered by the Metro rail system offer limited opportunities for new constructions, a significant portion of the development activities is concentrated along this particular stretch. Goyal's statement highlights the focus of builders on meeting the growing demand and capitalizing on the potential for real estate development in the Super Corridor and MR 10 areas.
Developers are anticipating a surge in demand and property rates, especially in the Super Corridor area and towards Ujjain. Nearly 20 fresh projects have been initiated on the Indore-Ujjain road within the past 18 months.
The expanding Metro rail network is enticing active investors with the promise of lucrative returns and growth prospects, according to real estate developers. CREDAI Indore member, Vijay Gandhi, echoed the sentiment, "The Metro rail network has undeniably fuelled the real estate sector."
Apart from Indore, neighbouring cities like Dhar, Ujjain, Dewas, and Shajapur are also experiencing a similar growth in their real estate sectors due to the Metro's reach.
From April 1, 2023, to June 13, 2023, property sales in Indore and Ujjain divisions resulted in revenues of Rs 725 crore, marking a 13% increase compared to the same period the previous year. The data, according to the registrar's office, reveals the sale of over 1,07,638 properties.
In conclusion, the introduction of the Indore Metro has unequivocally accelerated the growth of the real estate sector, particularly in areas along the metro line. This surge, catalysed by improved accessibility and anticipation of lucrative returns, has significantly bolstered the value of properties in these areas. However, this growth is still largely concentrated where there is potential for development, leaving areas with limited space witnessing less impact.
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