The escalation in real estate prices in the past two years notwithstanding, transactions in Indore city are touching 100 properties per day. Last year, the number was 88 registrations per day. Land prices in areas situated near the Agra-Bombay Road, Ring Road and Bypass Road moved up, which, in turn, has fuelled price hikes elsewhere in the city. Areas like Tejpur Gadbadi (on A B Road), Piplyakumar, Bicholi Hapsi, Bicholi Mardana to Bombay Hospital have benefitted the most as they are located near the bypass of the Agra-Bombay Road. February 2006 saw as many as 3,879 property transactions being registered when compared with 3,150 registrations in February 2005. Between April 1, 2005 and February 28, 2006, as many as 35,981 property transactions have been registered in the city as against 32,294 registrations in the corresponding period of the last fiscal. The registration department generated a revenue of Rs 21.57 crore from property registration alone in February as against a revenue of Rs 14.38 crore in February 2005. The revenue earned between April 1, 2005 and February 28, 2006 stood at Rs 164.66 crore as against Rs 120.65 crore in the same period last year. According to Registrar N S Tomar, the department is expected to earn a revenue of Rs 50 crore this month. The main reason behind this anticipation is the hike in registration charges to be implemented w.e.f April 1, 2006. |