Indore's Thriving Real Estate Sector: A Key to its Livability
Discover why Indore's real estate boom is making it a more desirable place to live, surpassing Bhopal in terms of projects and growth.
Real EstateIndoreBhopalMadhya PradeshReraReal EstateJul 09, 2024
The real estate sector in Madhya Pradesh has been on an upward trend in recent years, with Indore and Bhopal leading the pack. Jabalpur, Ujjain, and Gwalior followed, with 40, 29, and 12 projects registered, respectively, in 2022-23. Khargone, however, surprised experts by registering 45 projects during the same period, surpassing Jabalpur, Ujjain, and Gwalior.\r\n\r\nThe Real Estate Regulatory Authority (RERA), established in May 2017, has played a crucial role in regulating the sector and addressing grievances of homebuyers. As of March 31, 2023, RERA had 846 pending cases.
Realtors believe that the sector is gradually recovering from the impact of demonetization and the COVID-19 pandemic. While the number of projects registered with RERA is not the sole criterion to judge growth, the launch of new projects in phases is a positive sign. Experts suggest that the state needs more new projects, and the master plan of cities should be expedited to provide more land for development. The existing land banks in cities are almost exhausted, leading to increased prices due to high demand and limited supply.
The festive season is expected to bring a boost to sales, and experts predict a positive trend in the real estate sector. With its cleanliness and infrastructure, Indore is poised to become an even more desirable destination for settlers, further solidifying its reputation as a livable city.
Frequently Asked Questions
Why is Indore preferred over Bhopal for settlement?
Indore is preferred due to its higher number of real estate projects, cleanliness, and infrastructure.
How many real estate projects were registered in Indore in 2022-23?
258 real estate projects were registered in Indore in 2022-23.
What is the role of RERA in the real estate sector?
RERA is a government body established to regulate the sector and address grievances of homebuyers.
What is the current state of the real estate sector in Madhya Pradesh?
The sector is gradually recovering from the impact of demonetization and the COVID-19 pandemic, with a positive trend expected in the festive season.
What are the steps needed to improve the real estate sector in Madhya Pradesh?
Experts suggest that the state needs more new projects, and the master plan of cities should be expedited to provide more land for development.
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