Social networks have become an essential part of daily life, and hence every real-world activity finds its place in this virtual world. The present paper proposes a methodology to find localized micro-events from the social network stream. The method is named CommunityINDICATOR. A concept of ‘separation of concerns’ from the software design principle is incorporated in the methodology to reduce the execution time drastically from existing state-of-the-art methods of event detection. In order to reduce the execution time, the algorithm first generates an interaction graph from the social stream and applies community detection followed by a clustering algorithm onto it to detect micro-level events. Experiments have been conducted on Twitter data stream of 5 different cities on three different continents with the size of 2 million tweets. We have used well known quality metrics such as precision, recall, F1-score, accuracy, and execution time to compare performance with other state-of-the-art methodologies. The proposed CommunityINDICATOR provides up to 30% higher accuracy than EvenTweet and SEDTWik in similar execution times. An improvement of 11% to 51% and 17% to 57% in execution time is observed for the proposed algorithm in comparison with TwiiterNews and EventX, respectively, for different datasets.