May is all set to witness more than Rs 100 crore worth property purchases as per the showing trend until the first fortnight of the month, said industry players.
INDORE: High revenues from registration of properties has given the much needed philip to the property market in Indore as witnessed in the month of April. It is almost more than triple than the corresponding period a year ago, according to official figures.
May too is all set to witness more than Rs 100 crore worth property purchases as per the showing trend until the first fortnight of the month, said industry players.
April saw a positive property registration trend and it seems to continue this way in this financial year. April revenues jumped to Rs 122 crore as against Rs 44 crore in the same period a year ago. It is due to increased demand for ready-to-move residential houses or plots that revenues in April went high even when compared to a month-on-month period. May also looks promising on the property registration revenue figures.
Balkrishna More, DIG registration Indore region said, “Property market has started on a positive note this fiscal and initial trends are encouraging. April has done very well. We have recorded revenues of Rs 122 crore in April and expecting over Rs 100 crore revenues in May as well.”
The revenues from property registrations in the fiscal 2021-22 stood at Rs 1,835 crore, up by 39 per cent from the past year in Indore as per official data.
There is an estimated spike in demand for ready-to-move in properties and residential plots from home buyers in the ongoing fiscal as per Confederation of Real Estate Developers Association (CREDAI), Indore.
In Indore, many builders and developers are seeing applying for approvals of new projects in the residential category. Developers said apart from new plotting projects, many duplexes, bungalows and premium apartments may come up in the new financial year
More than 200 real estate projects valued at over Rs 3,000 crore are awaiting sanctions and various approvals from the local bodies and from Real Estate Regulatory Authority (RERA) in Indore according to CREDAI.
Bhushan Patel, a developer said, “Many fresh enquiries are coming from home buyers especially for residences and plots. Given the availability of land, customers are preferring plots though duplexes are also much in demand but the spike in cost of construction has now started hurting the pockets of home buyers.”
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