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With the highest 25 land deals in the Mumbai Metropolitan Region (MMR) and at least 97 separate land deals totaling over 2707 acres closing in 2023 across the nation, at least 72% of the total land area closed in 2023 is expected to be used for residential development, according to data from real estate consultancy ANAROCK.
NCR Came In Second Highest With 22 Land Deals Closed In 2023
These transactions are supported by strong residential sales momentum across cities. Bengaluru, Hyderabad, Chennai, Pune, Kolkata, and the National Capital Region (NCR) were the next most active land markets, transacting 190 acres, followed by MMR with 25 land sales.
At least ten land deals totaling 646 acres were completed in tier two and three cities in 2023, including Ludhiana, Nagpur, Mysuru, Sanand, and Dahej in Gujarat, among others. The planned developments include mixed-use, manufacturing, residential, township projects, and logistics parks.
Land Transactions Made In 2023
Approximately 74 land agreements totaling more than 1,945 acres are planned for residential construction in tier 1, 2, and 3 cities out of the 97 land deals that concluded in 2023. Six different transactions totaling about 564.75 acres have been set aside for manufacturing, industrial parks, and logistical facilities.
According to ANAROCK data, there are also seven transactions totaling more than 126 acres for mixed-use development, five deals totaling more than 27.5 acres for commercial and IT parks, and around 43.35 acres in five different deals designated for other asset classes including retail and hotel, with some deals still pending.
Three Agreements Totaling Around 740 Acres Were Finalized In Ahmedabad
Ahmedabad was the front-runner with the largest land transaction in 2023 in terms of transaction size”. Relatively speaking, city land costs are still among the lowest.
Anuj Puri, Chairman of ANAROCK Group, stated that developers and other organizations are rushing to Ahmedabad to finalize land purchases because to the increasing demand for residential and commercial space following the epidemic.
“MMR recorded the most number of deals overall with 25; however, these were for small land parcels totalling about 289 acres. A total of 22 land deals completed in 2023, NCR ranked second most in India.
Real Estate Deals Done In 2023
Notable transactions: in 2023, listed Ahmedabad-based Arvind Smartspace purchased around 500 acres for a township project. Godrej Properties purchased 60 acres in Chennai for planned development, and Foxconn purchased 300 acres in Bengaluru for manufacturing.
Real Estate Deals In 2022
82 property transactions totaling more than 25,082 acres were completed nationwide in 2022. According to ANAROCK statistics, at least 179 land sales totaling a staggering 5215+ acres were completed in India during the past two years.
Source-ET
