Regional Disparities Highlight Gaps in State Real Estate Growth
Uneven Real Estate Growth Across Districts
The state’s real estate sector remains imbalanced, with 25 districts recording fewer than ten registered projects in 2023-24. While Indore emerged as the frontrunner, contributing 40% of the state’s total registered projects, many districts lagged far behind. For instance, Jhabua, Alirajpur, and Mandla registered just one project each, while others like Burhanpur and Umaria managed only two. Indore registered 283 projects, far surpassing Bhopal’s 54 and Jabalpur’s 31, reflecting significant regional disparities. Experts attribute this uneven growth to a lack of urban planning and prohibitive collector guideline rates, which hinder developers from investing in smaller towns.
Challenges Stemming from Ineffective Regulations
The disparity in registrations raises questions about the state’s regulatory mechanisms. Builders argue that many projects in smaller districts operate without the requisite approvals, bypassing the Real Estate Regulatory Authority (RERA) due to a lack of compliance checks. This lack of oversight often penalises organised developers who shoulder the burden of compliance costs, while unorganised players evade scrutiny. Manoj Singh Meek, President of CREDAI’s Bhopal chapter, pointed out that inadequate planning and outdated guideline rates stifle growth in these regions. He called for revising these rates and implementing master plans to create a conducive environment for real estate development.
Sustainability and Urbanisation Gaps
The uneven development also reflects missed opportunities for sustainable urbanisation. Smaller districts like Shahdol, Raisen, and Sehore, which registered minimal projects, remain underdeveloped in terms of infrastructure and housing. Without comprehensive master plans and eco-friendly housing policies, these areas are unable to attract organised real estate investments. Incorporating green building practices and sustainable planning in these regions could drive long-term growth while addressing environmental concerns. Developers must collaborate with local authorities to integrate sustainability into their projects, ensuring holistic urban development across the state.
A Civic Responsibility for Balanced Development
Bridging the gap between high-growth cities like Indore and underdeveloped districts is not just an economic imperative but a civic responsibility. The lack of compliance and regulatory oversight undermines equitable development, leaving smaller towns at a disadvantage. Authorities must address these disparities by introducing uniform policies, enhancing compliance mechanisms, and promoting transparency. A concerted effort to strengthen infrastructure, revise guideline rates, and encourage sustainable practices can pave the way for balanced growth, ensuring that no district is left behind in the state’s real estate boom.