Property registrations in Indore recorded a 60% jump in June

06 Jul 2021 CW Team

Indore property registrations in June have jumped by 60%, compared to the previous year, led by the sales of plots and affordable properties despite the second wave of the Covid-19 pandemic.

This year in June, a total of 11,500 properties in Indore were registered, generating an income of Rs 166 crore, as per the data from the registrar's office. Last year in the same period, an income of Rs 104 crore was generated with 6,771 property registrations.

The property registrations were closed from April 21 to May 12 due to the Covid-19 pandemic restrictions.

Confederation of Real Estate Developers Association Indore (CREDAI) President Naveen Mehta told the media that the plot segment in the Indore market is doing significantly well. The demand for plots, affordable housing, and a few benefits on guidelines led to an increase in property sales last month. Medium-sized plots of 800-1,000 sq ft in the range of Rs 15 lakh to Rs 25 lakh are in most demand in the market.

Real estate agents expect demand for plots to drive the real estate market due to better appreciations and options available in the market. In April, 4,472 properties were registered with an income of Rs 44 crore, while in May, 1,823 properties were registered, generating Rs 30 crore.

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Also read: Mumbai notes 47% decline in residential property registrations in May

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