The Indian real estate sector has seen as many as 59 land acquisition deals, involving over 2,000 acres in the first seven months of 2023, mainly buoyed by the growing demand for residential properties post-Covid, the latest research showed.
This is a 40 percent jump in terms of land acreage posted in the corresponding year-ago period, the study by Anarock Research showed.
In terms of deal numbers, residential real estate drew the highest, the study said.
“However, very few of these deals were for large land parcels. The three largest deals [in terms of acreage] were one in Ahmedabad for approx. 740 acres, followed by one deal each in Ludhiana and Bengaluru for over acres each,” Anuj Puri, Chairman of Anarock Group, said.
Real estate land deals: 2023 insights
The study said of the 59 land deals closed in 2023, about 38 deals for over 283 acres are proposed for residential development across the top 7 cities, while five deals for over 1,136 acres are earmarked for township projects in cities like Chennai, Ahmedabad and Ludhiana.
The study said one large deal over 300 acres has been earmarked for manufacturing in Bengaluru.
In terms of total land area transacted, Ahmedabad stood out with approx. 740 acres transacted so far this year.
The Delhi National Capital Region (NCR) sealed 13 separate transactions accounting for four percent of the total land transacted, for approx. 90 acres.
This included 9 deals for a total of 61.6 acres in Gurugram, 3 in Noida for 19+ acres, and one in Delhi for approx. 9 acres.
The proposed developments include residential, retail, mixed-use, commercial, and plotted development, the report said.
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