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In the last eight months of this fiscal year, Indore and Ujjain divisions experienced a remarkable 11% YoY growth in property sales, marked by 3.5 lakh registrations. The surge was driven by increased sale deeds for commercial properties and plotted projects. Despite a November dip due to assembly elections, property sales escalated from April to November. During this period, income from registrations reached Rs 2604 crore, up from Rs 2334 crore the previous year across 15 districts. Notably, Indore led in registrations, generating Rs 1450 crore in revenue.
Deputy Inspector General Balkrishna More highlighted an 11.6% revenue increase in both divisions, with significant spikes observed in Shajapur, Khargone, Agar, Alirajpur, and Indore. This surge is a direct response to the high demand from homebuyers, underlining the region's attractiveness for real estate investment.
According to developers, this surge in property transactions has reduced the unsold inventory of flats and row houses in Indore by approximately 30%. They attribute this trend to the boost in infrastructure development in Indore and its surroundings, accompanied by the presence of specialty hospitals and academic infrastructure, which has significantly fuelled the property market. Developers further noted a sharp increase in property prices in specific Indore areas, including bypass, Nipania, Jhalaria, and Rau.
Gopal Goyal, Chairman of the Confederation of Real Estate Developers Association of India (CREDAI) in Indore, emphasized that the current period is highly favourable for real estate. Genuine demand is evident among homebuyers and investors, driven by the robust growth of the region. He noted the remarkable transformation and development in Indore and surrounding cities within the central zone.
The numbers reveal a positive trajectory for the real estate market in Indore and Ujjain divisions, emphasizing the sustained growth and economic vibrancy in the region. The impact of the surge extends beyond mere property transactions, influencing inventory levels, pricing dynamics, and overall market sentiment. As the fiscal year progresses, the region's real estate landscape continues to evolve, driven by factors such as infrastructure development, healthcare facilities, and educational institutions, reinforcing the narrative of a thriving and dynamic property market.
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