There is regular bus service from Indore to Dhamnod (every hour) and on a daily basis to Maheshwar. There are buses to/from Dhamnod every 30 minutes.
One may want to do a shopping for sarees and dress materials here.
Narmada Retreat - This is a resort run by the MP tourism development corporation on the banks of the Narmada river. One can do advance reservation on-line. This is a scenic place and good for a leisurely vacation away from the large cities. There are rooms (2 per building) with AC facing the Narmada river. The resort has a good restaurant and the staff prepare many varied recipes, including North Indian and Western food upon request. Phone:07283-273455
Wikipedia:Maheshwar Maheshwar is small town by the banks of Narmada and was of considerable significance during the rein of Rani Ahilya Bai Holkar, an able administrator and revered Queen. So much so the Airport at Indore and the University at Indore is named after her among various other institutions. Maheshwar is a quiet get away for those who travel off the beat. The life here revolves around the magnificent Ghat and the fort. Activities at the Ghat at the sunset as also sunrise lend a typical religious charm to the otherwise a wonderful setting, a mini Varansi one could say. The personal quarters of the Queen as also the Court are relatively simple and austere and open to the public for the viewing. In comparison the temple complex and the Ghat are more elaborate. The decendants of the family although normally do not stay but run a trust which manages these properties of which some portion has been converted into a logde and cafe called Labboos. The rooms here are typical of old fort buildings furnished with some modern amenities. These are also reasonably priced though have some upscaling due to history and aristocratic value.
Two hotels,very close to ghat and fort, called Hansa and Ashray though tiny outfits with equally tiny rooms are suitable if one wishes to remain in the centre of town. Rooms and services here are tidy and reasonably priced.(Less than INR 2000 per night.)In fact Ashray is located within the fort premises.