At least 59 land deals totalling 2,018 acres closed so far this yr: Anarock

At least 59 land deals have been struck involving 2,018 acres so far this year across the country for the development of real estate projects and industrial purposes, according to Anarock.

Real estate consultant Anarock noted that the number of land deals has gone up post Covid pandemic as real estate developers look to expand their business to tap a rise in demand for residential and commercial properties.

Land parcels have also been purchased for setting up manufacturing units and hospitals.

"Our latest research indicates that as many as 59 separate land deals for over 2,018 acres have been closed across the country between January to August 2023," Anuj Puri, Chairman of Anarock, said.

In the corresponding period last year, he said about 50 land deals for 1,438-plus acres were closed across various cities.

Puri noted that so far this year very few of these deals 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-plus acres each," Puri said.

Out of 59 land deals closed so far in 2023, about 38 deals for 283 acres are proposed for residential development.

Five deals for 1,136-plus acres are earmarked for township projects in cities like Chennai, Ahmedabad and Ludhiana.

Four land deals for 62 acres are for mixed-use developments in Noida, Gurugram, Pune and Bengaluru.

Three land deals, totalling 154 acres, have been struck for plotted developments in cities like Chennai, Raigad and Gurugram.

Three deals for 16.5 acres are for commercial development in NCR cities like Delhi, Noida and Gurugram.

One large deal of over 300 acres has been earmarked for manufacturing in Bengaluru.

Among cities, Ahmedabad stood out with approximately 740 acres of land transacted so far this year.

At 17 deals, Mumbai Metropolitan Region (MMR) saw the highest number but the total area transacted was just over 95 acres.

In the Delhi-NCR market, 13 separate deals accounting for nearly 90 acres have been reported.

This includes 9 deals for a total of 61.6 acres in Gurugram, 3 in Noida for 19 acres, and one in Delhi for 9 acres.

Bengaluru saw 8 separate deals for 401 acres, while Pune witnessed 5 separate deals for 44 acres.

Anarock said that 5 deals for 178 acres took place in Chennai and three transactions in Kolkata for about 25 acres.