The sale and purchase of properties in Indore are all set to touch a record high this fiscal with revenues at Rs 1,340 crore so far in FY 2021-22. The target for the current fiscal is Rs 1,535 crore, up by 20 percent from the last year’s target. In January, over 12,000 properties were registered in the Indore district that generated revenue of Rs 153 crore, according to the official data.
The property market of Indore has continued to bloom despite the pandemic amid a spike in demand from home buyers and anticipation of better appreciation in prices in the longer run, said property experts.
DIG registration (Indore region), Balkrishna More said, “Given the trend in the property market, we are hopeful of surpassing the target this fiscal. We have already clocked a revenue of Rs 1,340 crore until February 7 and hope to cross the Rs 1,600 crore mark by the end of this fiscal.”
Property registrations in January this year were 58 percent higher than the corresponding period a year ago. Last year in January, 11,800 properties were registered and revenues were Rs 97 crore.
Real estate agents in Indore have seen a spike in demand, especially from first-time home buyers and people residing out of the state but willing to build a home in the city.
“Pandemic has cast a shadow on almost all businesses but real estate market is an exception because this deadly infection made people realize the need of having their own house to deal with such difficult situations,” a builder Arun Raghuwanshi said.
In the Indore region, Bypass, Nipania, Dewas, Rau, and Mhow are some of the most enquired areas for residential properties amongst buyers due to several new projects coming up in these areas.
In the financial year 2020/21, a total of 1,07,000 properties were registered clocking revenues of Rs 1,325 crore, as per the official data.