Indore & Ujjain Divisions Witness 11% Growth with 3.5 Lakh Property Registrations

Indore and Ujjain real estate thrives with an 11% surge in property registrations, driving market growth. Commercial and plotted projects lead the way.

Property sales in the Indore and Ujjain divisions have experienced an impressive 11% growth over the past eight months of this year compared to the same period last year. This surge is attributed to a significant increase in the registration of sale deeds, particularly for commercial properties and plotted projects.

Despite a slight dip in November, attributed to assembly elections, the overall trend showcases a huge market. In November, Indore witnessed a decrease in income from property registrations, dropping from Rs 190 crore (October) to Rs. 171 crore.

Official data from the revenue department reveals that the income from property registrations between April 2023 and November 2023 across the 15 districts in Indore and Ujjain divisions stood at Rs. 2,604 crore, marking a substantial increase from Rs. 2,334 crore during the same period last year.

During the ongoing financial year until November, 3,51,979 properties were registered in Indore and Ujjain divisions. Indore, being the frontrunner, recorded the highest number of property registrations, generating a revenue of Rs. 1,450 crore.

Balkrishna More, the Deputy Inspector General of Registration in the Indore region, stated, "There has been an increase of 11.6% in revenues from property registrations in Indore and Ujjain divisions. Shajapur, Khargone, Agar, Alirajpur, and Indore have witnessed major spikes in property sales in the last eight months of the current year."

The surge in property purchases has contributed to a notable decline in the unsold inventory of flats and row houses in the city, reportedly decreasing by approximately 30%, according to developers.

Gopal Goyal, Chairman of the Confederation of Real Estate Developers Association of India (CREDAI) in Indore, commented, "It's a very good period for real estate. There is genuine demand from homebuyers and people looking to invest for the future as the region is growing by leaps and bounds. In the central zone, Indore and surrounding cities have undergone significant makeover and development."

Developers note that in Indore, property prices have experienced a sharp increase in areas such as Bypass, Nipania, Jhalaria, and Rau, driven by high demand from homebuyers.