Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.
In April, property registration earnings in Indore witnessed a 10% increase compared to the previous year, driven by higher acquisition of residential and business properties. Revenue from the sale of 10,610 properties amounted to Rs 131 crore, marking a substantial growth. The Deputy Inspector General of Registration for the Indore region, Balkrishna More, expressed optimism about the financial prospects of the new fiscal year, attributing the rise to the strong demand in the real estate market. Experts suggest that the monthly income from property registrations in Indore typically ranges between Rs 100 crore and Rs 150 crore.
The surge in visitors to IT firms, offices, co-working spaces, and showrooms in Indore has fuelled the demand for both residential and commercial properties. The fiscal year 2022-2023 has witnessed property registration earnings in Indore surpassing Rs 2,000 crore, indicating a year-on-year increase of more than 10%. Gopal Goyal, chairman of the Confederation of Real Estate Developers Association (CREDAI) in Indore, highlighted the rebound in the property market following the pandemic recovery, particularly in commercial properties and plots. This growth trajectory is expected to continue due to the demand generated by IT companies and commercial establishments.
The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable. Currently, stamp duty and registration charges account for 10.5% of the property's total value in Indore, with a slightly lower fee of 9.5% imposed in rural regions. The guidelines value or circle rate determines the payment of stamp duty and registration charges. Additionally, if the agreed price exceeds the recommended value, a fixed stamp duty and registration fee of 5% is applied to the excess value above the guideline rate in Indore, Madhya Pradesh.
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