Indore Sees 8% Rise In Property Registrations

Property registrations in the financial year 2020-21 in Indore have surpassed last year’s figure, pushing revenues up by close to 8% despite a roller-coaster year due to the Covid-19 pandemic. In the financial year 2020-21 that ended on March 31, 1,07,000 properties were registered clocking a revenue of Rs1,325 crore, which is 8% more than the last fiscal, official data showed. District registrar Balkrishna More said, “Property registrations saw a remarkable jump in the last fiscal despite spread of the pandemic due to increased demand for homes, especially from first-time homebuyers. Most of the deals in and around Indore have happened in plots and affordable category houses.” Last year, 1,06,800 property were registered and the revenue earned was Rs1,229 crore. The month of December saw the highest number of property sales generating a revenue of Rs206 crore by sales of 14,000 property in the city, as per the official data. Real estate consultants said the drop in registration charges in September till December, low home loan rates and increased demand for homes post pandemic resulted in higher property registrations. Madhya Pradesh government in September last year cut down cess on stamp duty reducing registration charges to 10.5% as against 12.5% for a limited period that ended on December 31. Confederation of Real Estate Developers’ Association of India (CREDAI), Indore chairman Liladhar Maheswari said, “Residential properties saw encouraging demand in the Covid period since people realised the importance of owning houses as a safety measure in the pandemic. Temporary reduction in stamp duty and anticipation of hiked property guideline rates from May boosted property sales. ”CREDAI, which is an apex body of builders and developers — said that reduction in stamp duty will further give an impetus to sales of property.