Indore, Ujjain lead surge in property registrations

Indore: The neighbouring cities of Indore and Ujjain witnessed a significant surge in property registrations in 2024, as officials claimed the development boom, along with the 2028 Simhastha, is the main reason.

In 2024, the 15 districts of the Malwa-Nimar region collectively registered 579,145 documents, generating revenue of Rs 4496.25 crore for the govt. Indore and Ujjain emerged as the top performers, primarily driven by the ongoing developmental activities in the region.

The proposed metropolitan region encompassing Indore, Ujjain, Dewas, and Dhar, along with the upcoming Simhastha Kumbh Mela in 2028, spurred significant infrastructure development. Projects such as the widening of the Indore-Ujjain road, metro rail, and the western ring road attracted significant investments and boosted property demand, senior stamp and registrar department officials claimed.

In the last calendar year, Indore registered 175,737 documents, a slight increase of 3,289 documents compared to the previous year. However, Ujjain witnessed more substantial growth of 4,278 documents, with a total of 79,229 documents registered in 2024.

The increased property registrations also led to a surge in govt revenue. Indore contributed Rs 2439.10 crore in 2024, a significant increase of Rs 147.52 crore, which is 6.43%, compared to the previous year. Ujjain followed closely, generating Rs 483.95 crore, an increase of Rs 46.09 crore, which is a growth of 10.52% compared to the previous year's revenue collection through property registrations.

While Indore and Ujjain dominated the property market, Neemuch district recorded the lowest growth in property registrations. Only 12 additional documents were registered in 2024 compared to the previous year. Dhar, Agar Malwa, and Mandsaur districts also witnessed significant growth in property registrations.

Balakrishna More, Deputy Inspector General of Registration (Indore-Ujjain division), attributed the surge in property registrations to Indore's status as a commercial hub and the ongoing development projects in both Indore and Ujjain. The mega projects like Mahakaal Lok, the proposed metropolitan region plan, and the upcoming Simhastha Kumbh attracted a large number of industries and hotels to invest in the region, leading to a surge in property demand, especially in Ujjain.

Source: https://timesofindia.indiatimes.com/city/indore/indore-ujjain-lead-surge-in-property-registrations/articleshow/116863279.cms