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According to Anarock data, builders and other organizations made at least 29 land acquisitions totaling 721 acres between January and March of this year in order to grow their operations in response to a spike in demand, particularly for housing.
According to property consultancy Anarock, during the fiscal year 2023–2024, developers and other organizations finalized 101 land deals totaling 2,989 acres. Acres of land sold have grown by 58% yearly in 2023–2024 and 61% yearly in January–March of 2024.
While 88 land agreements totaling 1,886 acres were made for the whole 2022–2023 fiscal year, at least 26 land deals totaling around 449 acres were completed between January and March of 2023.
1,135 Acres Land Deals Were Closed In The Top 7 Cities In 2023–2024
These land arrangements, known as joint development agreements (JDAs), are collaborations with landlords in addition to outright purchase-sale transactions that were made in major tier I, tier II, and tier III cities.
“Out of the total land deals in 2023–24, over 83 deals for about 1,135 acres were closed in the top 7 cities alone,” stated Anuj Puri, chairman of Anarock.
“Ayodhya, Ahmedabad, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat are among the tier 2 and 3 cities where the remaining 18 deals, totaling over 1,853 acres, were sealed.”
“Tier 2 & 3 cities have once again emerged as growth engines, thanks to their rapidly improving infrastructure and growth opportunities,” Puri stated.
Delhi-NCR Leads The Land Deals In January And March 2024
Delhi-NCR had a maximum of 12 land purchases for 160 acres between January and March 2024 and 29 land deals for 313 acres for the fiscal year 2023–2024, according to Anarock.
Aakash Ohri, Joint Managing Director of DLF Home Developers Ltd., commented on the results, saying, “Investment opportunities, infrastructure development, and urbanization have led to a peak in land deals in the NCR.
” The increase in land transactions is mostly due to anticipated returns on investment and future developments.” “The increase in land transactions highlights how strong the housing market is,” said Ohri.
Demand For Mid-Segment And Luxury Property Results Significant Land Deals
“The demand is robust for all kinds of properties from mid-segment to luxury and this is resulting in a significant number of land deals across the country including Delhi-NCR,” stated Pradeep Aggarwal, Chairman of Signature Global.
“This is expected to pave the way for a robust pipeline of new projects in the coming months, which in turn is likely to provide homebuyers a wider range of options to choose from,” Aggarwal said.
The increase in land purchases, according to Mohit Malhotra, Founder & CEO of real estate company NeoLiv, is indicative of the persistent demand for homes that has existed since 2023.
“The mid-housing segment is experiencing a significant uptick, mirroring the evolving preferences of homebuyers,” Malhotra said.
Highlights Of The Data
According to Anarock statistics, around 80 land sales totaling 2,252 acres were made for projected residential, plotted development, and township projects during the 2023–24 fiscal year.
Four distinct agreements totaling more than 42 acres in commercial and retail real estate developments were completed. Four distinct transactions totaling at least 79 acres have been set aside for mixed-use projects.
Five different acquisitions totaling about 164 acres were completed for industrial, IT, and logistics parks. A total of 411.75 acres of land were purchased in three transactions to establish manufacturing plants.
During the previous fiscal year, a number of real estate companies, including DLF, Godrej Properties, Macrotech companies, Prestige Group, Brigade Group, Signature Global, Birla Estates, Eldeco, and Mahindra Lifespace, acquired land.
Source-ET
