by THO
The land acquisition spree of financially strong developers and entities continues and as many as 97 separate land deals were closed for over 2707 acres closed in 2023 across the country. Backed by strong residential sales momentum across cities, at least 72% of the total land area closed in 2023 is slated to be used for residential development, data shared by Anarock Research showed.
In 2022, 82 land deals for more than 2508 acres were closed across the country. This means that the last two years saw at least 179 land deals for a whopping over 5215 acres closed, the data showed.
In terms of the total number of deals, Mumbai Metropolitan Region (MMR) clocked the highest number of land deals with 25 but these were for small land parcels covering about 289 acres. Delhi-NCR was second with 22 land deals closed in 2023.
Land deals in 2023
Of the 97 land deals closed in 2023, about 74 deals for over 1,945 acres are proposed for residential development across tier 1, 2 and 3 cities.
Also Read: At least 59 land deals totalling 2,018 acres closed so far this year: Report
Over 564.75 acres in six separate deals are earmarked for Industrial and Logistic Parks and Manufacturing. As many as seven deals for over 126 acres are for mixed-use developments. As many as five deals for over 27.5 acres are for commercial and IT Parks. Approximately 43.35 acres in 5 separate deals earmarked for other asset classes including retail, hospitality, and some are undecided.
Ahmedabad witnesses highest land area transacted
Ahmedabad saw the highest land area transacted with 739 + acres in 3 separate deals and accounted for over 27% of the total land transacted in 2023. All three deals are for large township projects.
Bengaluru sealed 11 separate deals accounting for a 16% share of the total land area transacted in 2023, with 424+ acres changing hands – 10 deals for residential development, and one for manufacturing.
Land-scarce MMR saw the highest number of deals (25) for approx. 289 acres, earmarked largely for residential (20), 2 deals for mixed-use developments, and 1 deal each for an IT Park, hotel and retail developments.
Also Read: Kansai Nerolac sells 4.13 acre Lower Parel plot for ₹726 cr
NCR saw 22 separate land deals for 190+ acres, including 16 deals for 138+ acres in Gurugram, 3 deals for 19+ acres in Noida, and one deal each in Delhi, Faridabad and Greater Noida. The proposed developments in NCR include residential, retail, mixed-use, commercial, and plotted development.
Hyderabad saw 9 separate deals for 69.5+ acres earmarked for residential development. Pune saw 6 separate deals for 49+ acres of land, proposed for residential and mixed-use developments. Chennai saw 7 deal for 198+ acres proposed for a township project, IT Park and residential development.
Land deals in Tier 2 and Tier 3 cities gaining traction
Tier 2 and 3 cities, including Ludhiana, Nagpur Mysuru, Sanand and Dahej in Gujarat, among others, saw at least 10 land deals closed for 646+ acres closed in 2023. The proposed developments include residential development, township project, manufacturing, logistics park, and mixed-use.
“In terms of transaction size, Ahmedabad was the front-runner with the biggest land transaction in 2023. Land prices in the city are comparably still among the most affordable. With rising commercial and residential demand since the pandemic, developers and entities are making a beeline to Ahmedabad to close land deals here. In terms of total number of deals, MMR clocked the highest with 25 – however, these were for small land parcels covering approx. 289 acres. NCR came in second highest with 22 land deals closed in 2023,” said Anuj Puri, chairman – ANAROCK Group.
