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Fall in registration of property in November

Posted on Dec 09, 2016
Indore

Property registrations in Indore fell for the first time in the past seven months in November after government's crackdown on black money. The up-tick in the real estate sector came to a standstill with large scale new projects put on the back foot in absence of investors and hesitant buyers.

Revenues from property registrations in November fell 39 percent to Rs 64.50 crore as against a month ago. However, property registrations in November remained higher than a year ago during the same period when revenues were Rs 52 crore, data from the registrar department showed.

Atul Jhawar, secretary, Indore chapter Confederation of Real Estate Developers Association of India (CREDAI) said, "It is a temporary lull in the real estate sector, which is expected to continue for some time now. People are in a wait and watch mode due to sudden changes in the economy, but, demand from actual users will be the driving factor."

Apprehending a downfall in real estate prices, people have hold back new purchases and cancelled new deals, property dealers said.

Real estate participants apprehend a rise in unsold inventories due to a hold in new purchases in near future by investors and end users.

Balkrishna More, senior district registrar said, "The momentum has slowed down. With the kind of pace witnessed since the beginning of the financial year we were expecting revenues to touch Rs 85 crore in November."

Most of the registries in the past months were from end users for residential properties, he added.

Jhawar said, "Enquiries for affordable housing in the range of Rs 30 lakh to Rs 35 lakh have increased and we expect this segment to grow in coming months."

Industry experts said that sale of economical segment is expected to remain good due to demand from actual users. Arun Jain, executive committee member, CREDAI said, "Demand for small flats of 500-600 sq ft has increased."

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Indore residents get a Rs 2 crore upgrade

Posted on Aug 13, 2014
The stretch between Regal Square and Palacia is considered to be the most prestigious address to own a home in the city. an apartment on MG Road is a status symbol in itself. Fairdeal Estates, reveals that the properties available here can cost up to Rs 2 crore depending upon the distance from the main road, level of furnishing and quality of ameni ...
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Indore: Prices rise by 20% along Super Corridor

Posted on May 16, 2014
If you had bought a house worth Rs 18.5 lakh in the areas such as Aurobindo Hospital, Indore-Ujjain 4-Lane Highway, Sukhilya and MR10 along the Super Corridor of Indore, in October 2013, chances are that you should be able to sell it in the market for between Rs 20-22 lakh. However, if you have a small budget of below Rs 10 lakh, even then you can ...
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Is it right to invest in tier II cities?

Posted on Oct 17, 2013
When a dejected Utpal Srivastava, a white collar professional working in Delhi, could not afford his dream abode in East Delhis Mayur Vihar and invested in a 2BHK housing unit in his hometown Raipur instead, he didnt realise hed hit the jackpot. The said property, bought in 2010 “for a pittance” has appreciated almost 70 per cent in three years ...
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Property price cooling in Indore

Posted on Sep 06, 2013
INDORE: If you are looking for buying properties in the state, it is just the right time. Going by recently released NHB Residex for April-June, 2013, an index reflecting property prices has shown Indore's real estate sector has witnessed second sharpest fall in the country by 5.64% after Ludhiana (5.99%). Bhopal has registered a decline by 1.30% d ...
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Indore admin cracks whip on illegal housing societies

Posted on Apr 04, 2013
The district administration on Wednesday decided to hand over the possession of plots to the eligible members of five housing societies including Vedmata, Gokulam and Classic who had applied for the plots. Members of these societies had lodged complaint with the administration against the office bearers of these societies for not providing plots to ...
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