The Indian real estate sector is showing stellar growth in demand after the pandemic, with many big-ticket land deals also taking place now. According to data from realty consultant ANAROCK, about 87 separate land deals were sealed in the financial year 2022-23 cumulatively accounting for over 1,862 acres.
The previous financial year 2021-22 saw 44 land deals accounting for nearly 1,649 acres closed across various cities.
Of all 87 deals closed in FY23, at least 76 accounting for about 1,059 acres were in the top-7 cities, and the remaining 11 deals with nearly 803 acres took place in Tier-2 and 3 cities, including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad and Surat.
Among the top-7 cities, MMR saw the most with 25 land deals accounting for over 267 acres, followed by NCR with 23 land deals of about 274 acres. In terms of total land area transacted in the top-7 cities, Chennai topped out with around 292 acres changing hands in nine separate deals.
Anuj Puri, chairman of ANAROCK Group, said, “With land becoming scarcer amid the unfettered real estate development boom, leading players are pulling out all the stops to secure the best land parcels in key locations. In the last financial year, the number of land deals has risen significantly — from 44 in FY22 to 87 in FY23. However, in terms of area, the increase was just 13 per cent — implying that several smaller plots were closed in FY23.”
He added that with residential sales in the top-7 cities scaling an all-time high in the last financial year (about 3.8 lakh units), large and listed developers have been cashing in on the unrelenting housing boom. With land being the key input commodity for real estate development, these players have been making strategic land investments across prominent micro-markets and quite a few smaller deals took place in the last financial year.
Read all the Latest Business News, Tax News and Stock Market Updates here
Comments
0 comment