Property registrations during the 9-day Navratri festival this year jumped by around 6 per cent on a year-on-year basis led by an increase in sales of ready-to-move in residential apartments and plots.
Surpassing last year’s figures, the festival season saw sales of 3,371 property clocking income of Rs 36 crore. Last year during Navratri from September 29, 2019 to October 7, 2019, the revenues from property registrations were Rs 34 crore from sale of 2,577 property.
District registrar, Balkrishna More said, “Number of property sold this year in Navratri has surpassed last year’s figures during the same nine-day festival. Property registrations have been encouraging in past months with most sales happening in the affordable category.”
In Navratri, highest property sales were recorded on October 22 with 607 documents and income of Rs 7 crore.
Residential property on bypass, Nipaniya, Rau, Mhow have witnessed encouraging enquiries post Covid while premium property have still not picked up, said realtors and real estate agents.
Vijay Gandhi, secretary, CREDAI, Indore said, “Festivals are the peak season for property sales and this season looks attractive despite the pandemic outbreak as people are wanting to move in to their own houses. Besides the drop in cess on stamp duty has also boosted the consumer sentiment.”
Earlier in September, state government reduced the cess on stamp duty dropping registration charges to 10.5 per cent within the municipal limit as against 12.5 per cent earlier until December 31, 2020.
A real estate consultant Arvind Gupta said, “A lot of pent-up demand is coming in the market. People holding back purchases are now finalizing the deals. Service class customers are the main buyers looking for affordable category houses.”
In FY 2019/20, revenues from property registrations were Rs 1,173 crore as against Rs 1,134 crore a year ago, according to the registrar office.