This year, there have been a total of 59 land deals, encompassing a combined area of 2,018 acres, successfully closed across the nation. The deals were aimed at advancing real estate projects and facilitating industrial endeavors, according to a report by Anarock, a prominent real estate consultancy.
Anarock highlighted the discernible increase in the volume of land deals subsequent to the Covid-19 pandemic. This upswing can be attributed to the strategic initiatives of real estate developers aiming to capitalize on the growing demand for both residential and commercial properties.
In addition to fulfilling the surging property demand, these land acquisitions have also been directed towards establishing manufacturing facilities and medical institutions, including hospitals. This diversified approach underscores the flexibility and adaptability of these land deals in response to evolving market dynamics.
Anuj Puri, Chairman of Anarock, elaborated on the findings, stating, “Our latest research reveals that as of August 2023, a total of 59 distinct land deals covering over 2,018 acres have been successfully concluded across the country from January to August.”
Comparing the same period in the previous year, Puri noted that approximately 50 land deals covering more than 1,438 acres were finalized across various cities.
Puri emphasized that the majority of the deals executed this year comprised relatively smaller land parcels. He elaborated, “Only a few large deals were observed, with the three largest occurring in Ahmedabad, encompassing approximately 740 acres. Additionally, single deals in Ludhiana and Bengaluru covered 300-plus acres each.”
Out of the 59 land deals closed in 2023, about 38 deals encompassing 283 acres are earmarked for residential development.
Additionally, five deals covering a total of 1,136-plus acres have been allocated for township projects in cities like Chennai, Ahmedabad, and Ludhiana.
Four land deals spanning 62 acres are designated for mixed-use developments in Noida, Gurugram, Pune, and Bengaluru.
Three land deals, totaling 154 acres, have been negotiated for plotted developments in cities such as Chennai, Raigad, and Gurugram.
Furthermore, three deals encompassing 16.5 acres are focused on commercial development in National Capital Region (NCR) cities like Delhi, Noida, and Gurugram.
Notably, a substantial deal spanning over 300 acres has been earmarked for manufacturing purposes in Bengaluru.
Among various cities, Ahmedabad stands out with an approximate land area transaction of 740 acres so far this year.
While the Mumbai Metropolitan Region (MMR) witnessed the highest number of deals at 17, the total land area transacted amounted to just over 95 acres.
Within the Delhi-NCR market, 13 separate deals accounting for nearly 90 acres have been reported. This includes 9 deals for a combined 61.6 acres in Gurugram, 3 deals for 19 acres in Noida, and one deal for 9 acres in Delhi.
Bengaluru recorded 8 distinct deals covering 401 acres, while Pune saw 5 separate deals for 44 acres.
Anarock’s report also indicated 5 deals spanning 178 acres in Chennai and three transactions totaling about 25 acres in Kolkata.