INDORE: Over 13,000 properties were sold in February in Indore, one of the highest numbers in the past six months, led by sales of plots and residential properties.
A total of 13,289 properties were sold in February clocking a revenue of Rs 161 crore, up by 16 per cent from the same period a year ago. In February last year, 11,749 properties were registered in the city.
In January, over 12,000 properties were registered in Indore district by generating revenue of Rs 153 crore, according to the official data.
Sales of commercials have also improved as compared to past years though major sales were recorded in residential properties.
DIG registration Indore region, Balkrishna More said, “The last quarter of the fiscal has showed very encouraging response. Property sales have been regularly going up indicating firm sentiments in the real estate market.”
Revenues from property registrations in the fiscal year 2021-22 is seen crossing Rs 1,600 crore, according to officials.
Gopal Goyal, chairman Confederation of Real Estate Developers Association (CREDAI), Indore said, “Demand from home buyers is ruling the real estate market of Indore and the trend looks to continue in the longer run because enquiries are regular. The only tweak that can be seen in the real estate market in coming days will be demand for ready to move in residential properties.”
Developers said many builders may come up with residential projects in the coming year pinning hopes on rising demand for independent houses and apartments.
The revenue target from property registrations for the ongoing fiscal ending March is Rs 1,535 crore, up by 20 per cent from the last year’s target, according to officials.
In the financial year 2020/21 that ended on March 31, a total of 1,07,000 properties were registered clocking revenues of Rs 1,325 crore, as per the official data.