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.
In October, Indore registered a revenue of INR 214 crore from property transactions, reflecting a 12.8 per cent increase over the previous year. This surge in income came amidst a wave of property bookings, as the festive period is traditionally considered an auspicious time for property purchases.
The overall revenue from property registrations in the Indore-Ujjain division reached INR 376 crore, which marked a 15 per cent year-on-year growth. This positive trend in property registrations was attributed to the multiple festivals observed throughout the month, which often lead to increased real estate activity.
Balkrishna More, the Deputy Inspector General of Registration for the Indore region, explained that the festivals in October, including Navratri and Diwali, had a direct impact on property registration figures. He reported that the division collected INR 376 crore from property registrations in October, up by 15 per cent from the same period last year.
Breaking down the figures further, Ujjain saw an income of INR 39 crore from property registrations, which represented a 16 per cent rise. Dhar followed closely with a 43 per cent increase, generating INR 22 crore. Other regions within the division also experienced significant growth, with Khargone's revenue increasing by 22 per cent to INR 14 crore, and Mandsaur seeing a similar rise to reach INR 10 crore.
Realtors have pointed out that Navratri and Diwali are peak periods for property sales, as they are seen as times of good fortune for making large purchases such as real estate. However, they also noted that the increase in property prices has somewhat limited the potential for further growth in property registrations.
Property agents and builders have highlighted that the ongoing infrastructure development, including the metro project, new flyovers, and other urban improvements, is contributing to the rise in property costs in Indore. The growing demand from industries and information technology companies is also driving up real estate prices in the region.
Gopal Goyal, Chairman of the Confederation of Real Estate Developers Association (CREDAI), Indore, commented that the strong performance in October was largely due to the occurrence of several major festivals during the month. He explained that many property transactions that had been finalised earlier were registered during this auspicious period. While he acknowledged the ongoing infrastructure development in Indore, he cautioned that steep property prices could limit any substantial further increases in the market.
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