In the 2023-24 financial year, property sales in the Indore-Ujjain areas were strong. This helped the Madhya Pradesh government earn more money from property registrations than the previous year. The revenue increased by more than 12%, according to official data.
The revenue from property registrations in 15 districts in the Indore-Ujjain areas increased. It went up by about Rs 489 crore, reaching a total of Rs 4,304 crore by March 31st.
Last year, the Indore-Ujjain division earned Rs 3,815 crore from property registrations.
According to official data, over 5.7 lakh properties were registered in the Indore-Ujjain divisions in the latest financial year. This is an increase from the previous fiscal year when around 5 lakh properties were sold in the region.
In the Indore-Ujjain divisions, revenue from property registrations varied across districts. Indore appeared as the frontrunner, boasting a significant revenue of Rs 2,410 crore, followed by Ujjain with Rs 453 crore. Dewas and Ratlam districts also made noteworthy contributions, generating Rs 272 crore and Rs 171 crore, respectively.
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Overall, the region noticed a significant surge in revenue collection during the fiscal year, totaling around Rs 4,304 crore. This marked a significant increase of Rs 489 crore from the previous year. Notably, the Indore district experienced the most significant growth, with a substantial 16% increase in revenue compared to the initial year.
More noted a significant increase in people signing property deeds, even on holidays, particularly in March.
During March, out of the 12 government holidays, including Holi and Sundays, registrar and sub-registrar offices in the state remained open for business for 11 days, except for March 25.
In the Indore-Ujjain region, Agar, Shajapur, and Khargone witnessed the highest year-on-year jumps in revenue from property registrations.
Agar saw a nearly 39% increase to Rs 59 crore, Shajapur reached Rs 31 crore, and Khargone hit Rs 162 crore.
