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In 2023, India's real estate sector witnessed a substantial surge, marked by 97 land deals covering over 2707 acres, as indicated by the latest data from Anarock. This builds upon the momentum from 2022, which saw 82 deals spanning 2508+ acres. Majority of the land, almost 72%, is to be used for residential development, reflecting the sustained demand for housing across the country.
Major cities played pivotal roles, with Ahmedabad leading in transaction size due to its still-affordable land prices. In 2023, Ahmedabad witnessed three separate deals covering an expansive 739+ acres, contributing to over 27% of the total land transacted. Notably, these deals are exclusively dedicated to large township projects. Anuj Puri, Chairman of ANAROCK Group, emphasises the significance of Ahmedabad, pointing out the city's attractiveness for both commercial and residential development. The pandemic has fuelled rising demand, making Ahmedabad a hotspot for land deals.
Despite securing the highest number of deals (25) in 2023, the Mumbai Metropolitan Region focused on smaller land parcels, encompassing approximately 289 acres. Predominantly, these transactions were directed towards residential purposes, with two deals for mixed-use developments, and one each for an IT Park, hotel, and retail. Buyers namely Shoden Developers (House of Hiranandani) (24), Arogya Bharati Hospitals (23) & Supreme Universal (5) secured 52 acres across Mumbai and Thane region.
NCR saw 22 separate land deals in 2023, covering 190+ acres. This included 16 deals for 138+ acres in Gurugram, 3 deals for 19+ acres in Noida, and one deal each in Delhi, Faridabad, and Greater Noida. The proposed developments cover a wide spectrum, including residential, retail, mixed-use, commercial, and plotted development.
Hyderabad was a focal point with 9 separate land deals covering 69.5+ acres, exclusively earmarked for residential development.
Bengaluru with 11 deals, made 16% of the total land transactions in 2023. These involved 424+ acres, with 10 deals for residential development and one for manufacturing.
Chennai and Kolkata, though not at the forefront, contributed to the landscape. Chennai actively engaged in 7 land deals covering an extensive 198+ acres, for a proposed township project, IT Park, and residential development. Godrej Properties alone made a huge contribution by acquiring 60 acres of land in Chennai worth 100 crores. Kolkata contributed with 3 land deals covering 24.88 acres.
The impact extended beyond metros to Tier 2 & 3 cities, with Ludhiana, Nagpur, Mysuru, Sanand, and Dahej witnessing at least 10 land deals in 2023. These deals, totalling 646+ acres, encompassed residential development, township projects, manufacturing, logistics parks, and mixed-use developments.
In essence, the surge in land deals throughout 2023 paints a dynamic and diverse picture of India's real estate landscape. Factors such as affordability, demand, and strategic planning are reshaping the sector across various cities and tiers.
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