Property sale, purchase to touch peak at Rs 1,340 cr in Indore

10 Feb 2022 CW Team

The property sale and purchases in Indore touched their peak in FY22, with revenues at Rs 1,340 crore in FY 21-22. The current target for FY22 is Rs 1,535 crore, 20% higher than the last year's target.

According to data, more than 12,000 properties were registered in January in Indore, generating a revenue of Rs 153 crore.

The real estate sector in Indore continues to bloom even after the Covid-19 pandemic and a spike in demand from home buyers, and anticipation of better appreciation in the prices in future.

Deputy Inspector Generals (DIG) registration, Balkrishna More, said that the department is expecting to surpass the target in FY22. It has generated revenue of Rs 1,340 crore until 7 February and expects to cross Rs 1,600 crore by the end of FY22.

In January this year, the property registrations were 58% higher, compared to the same period last year. In January 2021, 11,800 properties were registered, generating revenue of Rs 97 crore.

The real estate agents in Indore have witnessed a rise in demand for properties, especially from first time home buyers and people outside the state but now willing to reside in the city.

The key areas of residential properties in Indore are Bypass, Nipania Dewas, Pau and Mhow. People are showing interest in these areas because several projects are coming up in these regions.

According to data, in FY 20-21, 1,07,000 properties were registered, generating revenue of Rs 1,325 crore.

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Also read: Mumbai's housing registrations surge 53% to 2.42 lakh units in 2021

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