New Delhi [India], May 8 : Indian real estate developers' post-Covid focus on land acquisition shows no signs of slowing down, with prime land parcels being targeted across India for various types of developments.
Real estate consultancy firm Anarock's data indicated that in fiscal year 2022-23, approximately 87 separate land deals were sealed cumulatively accounting for over 1,862 acres. In contrast, the previous 2021-22 saw 44 land deals accounting for approximately 1,649 acres closed across various cities.
Of all deals closed in just concluded financial year 2022-23, at least 76 accounting for approximately 1,059 acres were in the top seven cities, and the remaining 11 deals accounting for 803 acres took place in Tier 2 and 3 cities including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Ppat, Raigad, and Surat, Anarock said.
Among the top seven cities, the Mumbai region saw the most with 25 land deals accounting for over 267 acres, followed by Delhi NCR with 23 land deals of 274 acres. In terms of total land area transacted in the top 7 cities, Chennai topped out with 292 acres changing hands in nine separate deals.
The top developers who bought land parcels for various developments in 2022-23 include Godrej Properties, Birla Estates, Gaurs Group, Sobha Ltd., Oberoi Realty, Ajmera Realty, Mahindra LifeSpaces, M3M Group, and Gera Developers.
"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," says Anuj Puri, Chairman - ANAROCK Group.
"With residential sales in the top 7 cities scaling an all-time high in the last financial year (approx. 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."
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