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The National Capital Region (NCR) in India has long been a popular destination for developers seeking to acquire land. The expansion of the city to the suburbs has been successful, resulting in the development of new residential corridors and office business districts. The city's proximity to the national capital, the development of physical and social infrastructure, and the increasing need for housing and amenities have attracted developers from all over the country. Several developers from Mumbai and Bangalore are now looking to expand in the northern market.
Indian developers have been aided by access to institutional capital and partnerships with foreign companies. In most cases, sellers are either state authorities or developers with high indebtedness. In 2022, 23 transactions totalling nearly 745 acres of land were transacted, valued at INR 7,000 crores (USD 875 million). Gurgaon recorded the most transactions, with 12 deals, followed by Noida with six major land deals. Residential development was the primary use, with 15 out of 23 transactions, totalling nearly 665 acres, acquired for proposed residential developments. Due to population growth, mainly due to increased migration, housing has become a challenge in Delhi. As a result, the city has expanded horizontally towards its peripheries, with Gurgaon and Noida being the major residential hubs for the past two decades.
In 2013, a change in Delhi's master plan liberalized height restrictions, allowing developers to construct high-rise buildings. The city subsequently witnessed multi-storey apartments, with developers like DLF, Godrej Properties, Raheja, and Unity Group launching their projects.
As the need for housing in the entire NCR grows, and the relevant state governments promote new housing projects by encouraging developer participation through incentives, the demand for land banks has increased exponentially. Since 2014, housing sales in NCR were the highest in 2022, with 38,356 housing units sold in the top five cities. National players like Godrej and Max Estates, as well as local developers like Elan and M3M, were among the top land buyers. Established developers who previously opted for a joint-development model have now shifted to the outright land purchase model.
Developers are now looking beyond the submarkets of Gurgaon and Noida in core NCR, with Panipat, Sonipat, and Bahadurgarh becoming the focus for the development of townships. Prominent transactions include M3M's purchase of 350 acres in Panipat, Godrej Properties' purchase of 50 acres in Sonipat, and Royal Green Realty's purchase of 42 acres in Bahadurgarh, all for proposed residential developments.
More transactions are expected to occur in 2023 as demand for housing grows, developers expand their landbanks, and institutional funds inject capital. Upcoming infrastructure developments in the region, such as the Dwarka Expressway, Noida International Airport, Delhi-Mumbai Industrial Corridor, and Delhi Meerut Rapid Rail Transit System, will serve as further demand boosters.
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