Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Real estate developers in India have been active in acquiring land for future development, with 87 land deals totaling 1,862 acres closed during the last fiscal year, as reported by Anarock. In comparison, the previous fiscal year (2021-22) saw 44 land deals accounting for about 1,649 acres.
In FY23, 76 deals for approximately 1,059 acres took place in seven major cities, while the remaining 11 deals for 803 acres occurred in Tier 2 and 3 cities, including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad, and Surat. Among the top seven cities, Mumbai Metropolitan Region (MMR) secured the most land deals at 25, accounting for over 267 acres, closely followed by Delhi-NCR with 23 land deals and 274 acres. Chennai recorded the highest total land transacted at 292 acres, spread across nine separate deals.
Out of the total land deals in FY23, 57 separate deals for over 951 acres were proposed for residential or plotted developments. Additionally, 714 acres acquired in 8 separate land deals were designated for mixed-use and township developments in cities such as Delhi-NCR, Bengaluru, Chennai, Panchkula, and Panipat. Last fiscal year also saw 11 separate land transactions involving 46.5 acres closed for the development of office and retail projects.
India's real estate sector has been steadily recovering from the economic impact of the COVID-19 pandemic. The increased land deals are a positive sign for the industry, as they indicate investor confidence in the long-term potential of the sector. The government's measures to support the real estate industry, such as reduced stamp duty and registration charges, have also played a role in boosting the market.
The demand for residential properties has been on the rise, driven by factors such as low-interest rates, work-from-home culture, and a desire for larger living spaces. This demand has encouraged developers to focus on acquiring land for residential projects, especially in the affordable and mid-segment housing categories.
The commercial real estate market has also witnessed growth, as businesses are looking to expand or relocate to more cost-effective locations. The rise in land transactions for office and retail projects reflects the increased demand for commercial spaces, which is expected to continue as the economy further stabilizes.
In conclusion, the increased number of land deals in FY23 demonstrates the real estate sector's ongoing growth and developers' determination to secure prime land parcels for future projects. As developers continue to invest in land acquisition, the industry is well-positioned to capitalize on the growing demand for both residential and commercial properties.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
