59 land deals for over 2,000 acres made by real estate developers till August this year: Report
As per the Anarock Report, the Mumbai Metropolitan Region saw the highest number of land deals. In total, 17 deals were closed pertaining to a total area of more than 95 acres. Of the 59 land deals closed till August, about 38 deals comprising 283 acres were for residential projects across the top 7 cities.
The Indian real estate market has bounced back from the slowdown caused by pandemic, with developers coming forward to purchase land across cities. A recent report by real estate consultancy firm Anarock showed that 59 land deals for a total of 2,018 acres were closed between January and August this year. This is a significant rise in contrast to the corresponding period last year, when about 50 deals for a total of 1,438 acres took place.
Anarock Group Chairman Anuj Puri said that very few of the deals made till August this year were for large land parcels.
“The three largest were in Ahmedabad, for approx. 740 acres, and one deal each in Ludhiana and Bengaluru for 300+ acres each. In terms of deal numbers, residential real estate drew the highest,” Puri said.
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Here are the major takeaways from the Anarock report on land deals between January and August 2023.
Ahmedabad tops in land deals
Ahmedabad stood out in terms of total land area transacted, with approximately 740 acres sold so far this year. This represents about 37 per cent of the total land transactions in India.
Bengaluru saw 8 separate deals for 401 acres, accounting for 20 per cent of total land acres. The deals were for manufacturing, residential, and mixed-use projects.
Chennai reported the third highest transactions in terms of land area sold, with 177.74 acres being bought.
If we look at the number of deals, the Mumbai Metropolitan Region saw the highest number of transactions. In total, 17 deals were made pertaining to a total area of over 95 acres. The Delhi-NCR area held the second position, with 89.82 acres sold in 13 deals. Bengaluru was the third with 8 contracts.
Of the 59 land deals closed till August, about 38 deals comprising 283 acres were for residential projects across the top 7 cities.
The largest area transacted, 1136.33 acres, was for 5 township projects in Chennai, Ludhiana and Ahmedabad while in these cities 5 deals for 1,136 acres have been earmarked for township projects.
Bengaluru saw one large deal of over 300 acres being set aside for manufacturing units.
A Godrej Properties residential project in Gurugam, with just 7.91 acres of land, was the costliest deal in terms of value. The deal value was approximately Rs 900 crore. The second highest valued deal was by Arogya Bharati Hospitals for a 23-acre residential development project in Mumbai.