21 Nov 2024

Indore recorded property transaction revenue of INR 214 crore in October, a 12.8% year-on-year increase, driven by heightened activity during the festive season. Across the Indore-Ujjain division, revenue from property registrations totaled INR 376 crore, reflecting 15% growth compared to the previous year. Festivals like Navratri and Diwali played a pivotal role in boosting registrations, with Ujjain seeing a 16% rise and Dhar registering a 43% rise. Industry experts attribute the growth to the auspicious timing and ongoing infrastructure projects, such as the metro and flyovers. However, rising property prices are expected to temper further growth in the market.Read more

18 Nov 2024

Indore has implemented a second increase in property guidelines this financial year, impacting 469 existing locations and 111 new colonies. Notable hikes include a 600% rise in Mhow and up to 250% at other sites. The revisions are expected to boost government revenue, with the target for the current fiscal year set at INR 3,150 crore. While higher property values could stimulate real estate activity, concerns about affordability are rising, particularly for first-time homebuyers. The trend highlights Indore's growing importance due to improved infrastructure and urban development, signalling both opportunities and challenges for the local real estate market.Read more

15 Nov 2024

The District Level Evaluation Committee in Indore has received around two dozen suggestions, claims, and objections regarding the proposed hike in the Collector's guideline for property rates at 469 locations. This mid-term revision includes proposals to increase property values and add 105 new locations to the valuation guideline. The changes aim to generate higher revenue for the state government, with a target of INR 3,150 crore for 2024-25. The revised guidelines will be reviewed and approved by the Bhopal-based central evaluation committee in the coming days.Read more

15 Nov 2024

Earlier this month, the Indore district administration launched a crackdown on illegal and unauthorised colonies, identifying around 100 cases and taking legal action against four colonisers. Following instructions from collector Asheesh Singh, the revenue department thoroughly investigated complaints, revealing that these colonies were built without necessary approvals. As part of preventive measures, the administration decided to mark these plots as 'illegal' in their records, ensuring transparency. Legal actions, including lodging FIRs, have been initiated against the involved colonisers. This action aims to deter future violations and maintain the city's urban planning standards.Read more

07 Nov 2024

The Indore Municipal Corporation has received approximately 8.5 hectares of land for affordable housing construction under the Pradhan Mantri Awas Yojana (PMAY) 2.0. IMC Commissioner Shivam Verma noted the government's target to complete these projects by 2029. Collector Asheesh Singh has allocated land in Limbodagari and Palakhedi for this purpose. The initiative aims to address housing shortages and includes a provision for renting flats at affordable rates, catering to residents unable to purchase. The corporation is committed to delivering quality homes within the five-year timeframe.Read more

07 Oct 2024

The Indore district administration has received 2,444 applications for leases on populated land under occupancy rights during a recent camp held at tehsil offices. This initiative allows residents from 29 villages, incorporated into the municipal limits in 2014, to secure long-term leases, facilitating property transactions and access to loans. The lease applications require various documents for verification, aimed at addressing issues faced by landowners in selling properties or obtaining loans due to lack of formal registration.Read more

04 Oct 2024

The Indore district administration recently demolished three houses to advance the MOG Lines Re-densification Project, aimed at enhancing infrastructure and living conditions in the area. Affected families have been relocated to new flats under the Pradhan Mantri Awas Yojana (PMAY) scheme at 'Girnar Parishar' in Bada Bangarda. Despite prior discussions, families protested during the eviction, necessitating intervention from senior officials and police. Indore Smart City Development Limited (ISCDL) is overseeing the relocation process and plans to generate income by selling large plots in MOG Lines, supporting ongoing and proposed projects while achieving self-reliance.Read more

01 Oct 2024

The Indore district administration has launched an initiative to grant land ownership rights to residents of 29 villages incorporated into the municipal corporation in 2014. This move addresses long-standing challenges faced by residents without formal land ownership documents, which hindered property sales and access to loans. Under guidelines from the Revenue Department, eligible residents can apply for a 30-year lease, simplifying property transactions and development. Camps will be set up at tehsil offices to collect applications on September 29, 2024. Required documents include utility bills, census records, and voter lists. This initiative aims to formalize land rights and boost economic development in the area.Read more

07 Aug 2024

Godrej Properties has acquired a 46-acre land parcel in Indore, aiming to develop plotted residential units with an estimated saleable area of 1.16 million square feet. This acquisition supports their strategy to invest in fast-growing urban areas. The Indore project aligns with the city's infrastructure developments and rising demand driven by the IT sector. Recently, Godrej Properties raised INR 1,275.40 crore through non-convertible debentures to support such expansions. This move follows their recent acquisitions in Hyderabad and Bengaluru, highlighting their focus on emerging markets with strong growth potential.Read more

PNT Reporter

29 Mar 2024

The Indore Municipal Corporation (IMC) is aggressively tackling property tax defaulters by auctioning off a sizable plot of land to recover overdue dues, aiming to fill an INR 100 crore revenue gap before the fiscal year's end. The 18,000 square meter plot, owned by Sahara City Homes, owes INR 22.94 crore in unpaid taxes. IMC's auction, with a minimum bid of INR 31.80 crore, has garnered interest from multiple parties, potentially aiding revenue targets. IMC is also contacting other defaulters and reviewing records for additional dues, showcasing a commitment to fiscal responsibility and essential service investment for Indore residents.Read more

04 Mar 2024

Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.Read more

21 Oct 2023

DevX, Gujarat's leading Managed Office Space provider, has unveiled a 25,000-square-foot coworking space in Indore, accommodating 300 seats as part of its strategy to expand nationally. Founded in 2017 by the RUPaiya trio and Dev Information Technology Ltd., DevX serves as a Start-up Accelerator, offering comprehensive support and resources to innovative start-ups. The company fosters synergies and encourages collaborative growth, positioning itself as a dynamic hub for start-ups and businesses. With over 25 centres across India, DevX plans to invest Rs 60 crore for further expansion. They also provide a platform for events, seminars, and hackathons in the industry. DevX aims to solidify its nationwide reach by the end of 2023, empowering businesses in collaborative environments.Read more

17 Oct 2023

In the first half of the 2023-24 fiscal year, property registrations in the Indore and Ujjain divisions surged, with 2,73,876 properties registered across 15 districts. This resulted in a revenue of Rs 1,993 crore, marking a 13% increase from the previous year. Indore alone contributed Rs 1,088 crore which is attributed to its booming IT and commercial sectors. Infrastructure developments including expanded road and metro networks, have further fuelled the property market's growth in and around Indore.Read more

04 Oct 2023

Indore, renowned for being the cleanest city multiple times, clinched the title of 'Best Smart City' at the National Smart Cities Conclave 2023. The event celebrated achievements in urban development, awarding Gujarat's Surat the second position and Agra in Uttar Pradesh securing the third spot. Madhya Pradesh was recognized as the Best State, followed by Tamil Nadu, with Rajasthan and Uttar Pradesh jointly securing the third position. President Droupadi Murmu commended the Smart Cities Mission for contributing to urban development. The Smart Cities Mission, promoting innovation and infrastructure development, has been a transformative initiative fostering global collaboration.Read more

14 Sep 2023

The MP Public Assets Management Department is boldly auctioning prime land in Indore's Malharganj area for a remarkable Rs 8.19 crore. This innovative move aligns with the Madhya Pradesh government's strategy to monetize underused or encroached government properties, generating much-needed revenue. The department's portal currently showcases 11 Indore properties for monetization, seven of which are already sold, with more properties under review. A 13,560-square-metre piece of land in Gadrakhedi is up for auction between September 8 and 29, promising transformation and reshaping Indore's real estate landscape. This visionary initiative reflects the state's commitment to innovation and prosperity.Read more

14 Aug 2023

Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.Read more

09 Aug 2023

In response to tepid interest in its rental model, the Madhya Pradesh State Electronics Development Corporation (MPSEDC) is introducing a 30-year lease for IT and ITES firms at Sinhasa IT Park. Located along the Indore-Ahmedabad highway, the park spans 112 acres. The move aims to attract tech businesses looking for long-term commitments. This development coincides with MPSEDC's initiative of constructing a dedicated building for IT companies at the Electronic Complex, marking its determination to bolster the region's tech infrastructure.Read more

29 Jul 2023

The Indore Development Authority (IDA) has taken a significant step towards customer-centricity and transparency with the introduction of lease management and file tracking systems. These cutting-edge systems provide property holders with easy lease renewals and the ability to track application progress. With a focus on e-governance, IDA aims to inspire other development authorities and is set to be recognized with coveted awards in the state. The IDA Indore stands as a premier urban planning agency, responsible for diverse initiatives ranging from infrastructure development to education, healthcare, and business climate enhancement.Read more

18 Jul 2023

Indore's newly-established Metro line has sparked a dramatic surge in the local real estate market. With property values in regions adjacent to the metro, including Super Corridor, Indore-Ujjain Road, and Rau, soaring exponentially, the demand for commercial and residential properties is at an all-time high. This growth has spurred a slew of new developments, particularly in areas offering room for expansion. As the metro network continues to expand, the real estate boom is expected to extend to neighbouring cities, paving the way for potential investors eyeing lucrative returns.Read more

07 Jul 2023

Indore's Municipal Corporation aims to redefine the city's energy landscape with a sustainable initiative: the installation of solar panels across 85 identified neighbourhoods. Mayor Pushyamitra Bhargava and IMC Commissioner Harshika Singh led the initiative, which hopes to garner the city a 'Solar City' title. The comprehensive plan, designed to promote green energy, also incorporates community development projects like restoration of community halls and establishment of a library in the student-heavy Bhawarkuan area. This move sets Indore as a precedent in the race towards sustainable urban living.Read more