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In the first half of the 2023-24 fiscal year, the Indore and Ujjain divisions witnessed a robust uptick in property registrations, with a total of 2,73,876 properties being registered across their 15 districts. This surge has culminated in a revenue collection of Rs 1,993 crore, according to the latest data from the office of registration and stamps.
This figure represents a 13% increase compared to the same period in the previous year. Indore, a burgeoning tier-2 city known for its expanding IT sector and commercial activities, contributed the lion's share to this revenue. The city alone accounted for a staggering Rs 1,088 crore in the first two quarters. For context, the revenue from property registrations in the previous fiscal year stood at Rs 3,815 crore.
The thriving IT and commercial sectors in Indore have catalysed the property market's growth, leading to record-breaking transactions this fiscal year. Balkrishna More, the deputy inspector general of registration for the Indore region, expressed optimism about the current trend. Industry experts and real estate professionals attribute this growth to the rapid development of infrastructure in Indore.
The city's expanding connectivity via road, rail, and air networks has significantly bolstered the demand for real estate. The urban planning, sustainability initiatives and cleanliness in Indore region has received recognition and this also adds to its favourability in the real estate market.
In conclusion, the Indore and Ujjain divisions are experiencing a renaissance in their property markets, driven by infrastructural developments and a booming IT sector. As the regions continue on this trajectory, they are set to achieve, if not surpass, their financial targets for the year.
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