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. The road is being broadened now (April'08) and you might plan for more time during travelling via this road.
Narmada Retreat - This is resort run by the MP tourism development corporation on the banks of Nrmada river. One can do advance reservation on-line. This is a scenic place and good for a liesurely vacation away from the large cities. There are some tents with AC facing the Narmada river. The resort has a north-indian restaurant. Phone:07283-273455