Mumbai (Maharashtra) [India], April 21 : The residential segment continues to drive the Indian real estate market, which also reflects in the land deals it is generating. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land.
Other than residential, commercial, retail, industrial, logistics and warehousing are also driving prime land deals in key locations across India, according to real estate consultant Anarock.
Anarock data indicated that various developers and entities sealed approximately 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country. In contrast, the financial year 2022-23 saw 88 land deals for approximately 1,886 acres closed across various cities.
"Interestingly, out of the total land deals in FY-24, over 83 deals for about 1,135 acres were closed in the top 7 cities alone," says Anuj Puri, Chairman - ANAROCK Group.
"The remaining 18 deals, accounting for over 1,853 acres, were sealed in various tier 2 and 3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Tier 2 and 3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities."
Among land deals in the top 7 cities, NCR topped out with 29 deals for 313+ acres, followed by greater Mumbai region with 19 deals for approximately 157+ acres. Notably, in terms of total land area, Bengaluru saw 14 deals for 490+ acres transacted - the highest among all top 7 cities.
The number of deals in 2023-24 has risen significantly - from 88 deals for 1,886+ acres in 2022-23 to approx 101 deals for 2,989+ acres in the current financial year. In terms of total area, around 58 per cent more land has been purchased in the 2023-24 as compared to 2022-23.
At 4.93 lakh units, residential sales across the top 7 cities have created a new peak in 2023-24.
"In particular, large and listed developers have seen very high sales, and it makes sense for them to buy land across prominent urban micro-markets. Resultantly, the previous financial year saw some very prominent land deals taking place," Puri added.
The top developers who bought land parcels for various developments in 2023-24 include Godrej Properties, Eldeco Group, Adani Realty, Signature Global, Oberoi Realty, DLF India, Prestige Group, K Raheja Corp, and Brigade Group, among others, as per Anarock.
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