Indore sees exponential surge in residential property demands post-second lockdown
Aug 16, 2021
New Delhi [India], August 16 (ANI/The PRTree): Pandemic has impacted many lives and brought a significant change in lifestyle. On one side work from home has brought people closer and on the other side it has generated the new demand of space in houses for living with family but maintaining the privacy. Real Estate sector in Indore has witnessed a surge post-second lockdown. In first week of August itself, property of over 350 crore is booked and 3428 deals are registered. Infact Indore has surpassed the capital city Bhopal in number of property bookings per day. Almost 600 daily bookings are done in Indore whereas Bhopal is having 400.
Further explaining the reason for the surge in residential properties in Indore,
- Property Expert & Managing Director, Sunil Agrawal & Associates said, "The Home Loan Rate of Interest is at an all-time low (6.70%), and there is PMAY Subsidy for first-time homebuyers. That's a favourable situation for end users. Also, Reverse Migration is helping in revising the real estate sector in Indore even during pandemic."
Now Indore is ready to expand its horizons, with 347 new locations added to the guideline. Indore is a hub for education, medicine, commerce, finance and now IT companies too. So apart from pandemic the fast development and job opportunities created in the city are also attracting youth for investment in real estate.
As Indore is experiencing reverse migration from metro cities the average budget of the homebuyer in Indore is also increased up to 50 lakhs and the cost of 2000-3000 sq. ft. land remains comparatively low.
AB Bypass road is becoming a new preferred location where modern amenities can be cherished along with the beauty of nature. Lot of new projects are coming up on AB Bypass Road, Indore with villas, apartments and plots, giving homebuyers options and opportunities to invest.
The added advantage came in with Madhya Pradesh Chief Minister Shivraj Singh Chouhan's announcement of no change in the property guideline rates this year and no increase in the stamp duty charges.
Looking at the positive impacts, Agrawal added, "I am really happy the way Indore is booming, becoming more comforting and convenient for people moving back to the city. Also, the government's move will bring benefits to the customer. At this point, it is good for the market sentiment. No change in the guideline will allow homebuyers to save up to lakhs."
Indore has become a hub for new development and home buying. Being the cleanest city, centrally located, having good connectivity, and a good lifestyle at a lower cost makes it a convenient and efficient option to invest in real estate properties with a good return on investment.
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