Property registrations up by 25% in Indore as the market heats up

The registrar’s office in Indore has reported a high number of daily property registrations, with close to 1000 properties being registered every day. The month of March has seen a significant increase in demand for residential apartments, plots, and commercial property, resulting in an estimated income of around Rs 350 crore from the sale deeds of properties.

According to real estate professionals and property agents, there has been a surge in demand for signing property deeds as the financial year comes to a close, leading to a longer waiting period for securing slots. This increase in demand has been further compounded by a rise in the collector’s guideline rates.

As per the registrar office, the revenues from property registrations from April 1, 2022, to March 28, 2023, have been Rs 2,020 crore, which is higher than the Rs 1,836 crore generated in the last fiscal year. Builders have stated that the nine-day Chaitra Navratri period, considered auspicious for buying property, gold, and automobiles, has also contributed to the surge in demand for houses.

According to official records, the real estate sector in Indore has seen significant growth in the past year, with the government’s earnings through property registrations increasing by 25% compared to the previous year. In 2022, the local stamp and registration department recorded a total sales deal of Rs 21,330 crore in the real estate market, generating a revenue of Rs 2133 crore. This is a substantial increase from the Rs 1633 crore earned in 2021. The department registered 1,58,345 properties in 2022, which is more than 20% higher than the total of 127,916 sales deals recorded in 2021.

Indore is considered a “future city” and has attracted investors, including NRIs and those working across the country, due to its clean environment, top-class health, education, and transportation facilities, as well as its proximity to two Jyotirlinga temples, ongoing Metro Rail project, better road connectivity, and the proposal of Greenfield Airport and expansion of Ahilya Devi Holkar Airport.

Next (Gurugram RWAs protest against construction of fourth floor, cite burden on infrastructure)

Property registrations up by 25% in Indore as the market heats up

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