Of the 68 land deals closed in 2022 (Jan-Sept.), nearly 40 deals consisting of 590+ acres are proposed for residential development.
The real estate market has left its covid sluggishness behind and is now marching towards a better future. According to an ANAROCK report, real estate developers closed at least 68 land deals accounting for 1,656 acres in the top 8 cities in the first nine months of 2022. In the corresponding period last year, just 20 land deals for 925 acres were closed across these cities. This marks a 240 per cent increase in land deals this year compared to last year.
Of the 68 land deals closed in 2022 (Jan-Sept.), nearly 40 deals consisting of 590+ acres are proposed for residential development. Over 147 acres in 4 separate deals are earmarked for industrial & logistics parks and warehousing while 4 deals of over 119 acres are for data centres. As many as five separate land deals of over 115 acres are for mixed-use development, approx. 26 acres in 4 separate deals are for commercial development, and approx. 11 deals for over 659 acres are for miscellaneous purposes including retail and BPO and development.
“In terms of land area transacted, Hyderabad has seen the biggest land transactions so far this year. In terms of the total number of land deals, MMR clocked the highest number of deals; while the total area transacted was unspectacular, one must also consider the steep prices in this land-starved city,” said Santhosh Kumar, Vice Chairman – ANAROCK Group.
According to the report, Hyderabad saw seven separate deals for 769+ acres, accounting for over 46% of the total land transacted between January-September this year. NCR sealed 16 separate transactions accounting for 14% of the total land deals covering approx 234 acres. This includes 9 deals for a total of 197 acres in Gurugram, and 7 in Delhi, Faridabad, and Noida. The proposed developments include residential, retail, mixed-use, commercial, and warehousing.
“Bengaluru saw 9 separate deals for a total of 223 acres earmarked for residential, mixed-use, and a logistics park. Pune saw 8 separate deals for approx. 124 acres, accounting for 7% of the total land area transacted across these cities. All are proposed for residential development,” said the report.
Mumbai Metropolitan Region (MMR) saw the highest number of transactions cumulatively accounting for just 199 acres, earmarked for residential and logistics developments. Chennai saw 7 deals for 92+ acres for a mixed-use development including residential, BPO and an industrial park. Ahmedabad closed 3 deals for approx. 9.6 acres while Kolkata closed one land deal for approx. 5.6 acres.
