Property sales in Indore, the commercial capital of Madhya Pradesh, is likely to witness a record high this year amid a spike in demand for residential units and plots post Cover pandemic. Revenue from sales of the property in the April-October period this year was recorded at a whopping Rs 842 crore, up by 72 percent on a year-on-year basis.
District registrar Balkrishna More said, “Property sales have started on a very good note this fiscal. Revenues have gone up and income in the April-October period was up by 72 percent as against the same period a year ago.”
Festivals starting from Ganesh Chaturthi and extending till Diwali is considered as the peak season for the sales of property since the period is considered auspicious to purchase houses or commercial units.
Property registrations in Navratri this October clocked revenue of around Rs 60 crore as against Rs 41 crore a year ago in the same period. Last year in the April-October period revenues from property sales were Rs 489 crore.
Experts said vaccinations have boosted consumer sentiment as receiving Covid-19 shots makes people safe, while the outbreak of pandemic has made people realize the need for a house.
Indore Confederation of Real Estate Developers Association (CREDAI) chairman Gopal Goyal said, “Pandemic has made people realize the need of their own house. Post pandemic many first buyers came in the market. Demand for residential units and plots is expected to remain good in the longer run.”
Developers said the demand for plots and residential apartments has led to the growth in the real estate market in Indore. The residential property at Bypass, Nipania, Rau, and Mhow among others has seen encouraging inquiries, while demand for premium property is slow, said, realtors and real estate agents.
In the financial year 2020-21 that ended on March 31, a total of 1,07,000 properties were registered clocking revenues of Rs 1325 crore.