Real Estate: 59 Land Deals for Over 2,018 Acres Closed In India So Far This Year; Delhi, Mumbai Lead

Boosted by growing demand after the COVID-19 pandemic, the Indian real estate recorded 59 land deals for more than 2,018 acres between January and August this year, compared with 50 deals for over 1,438 acres in the year-ago period, according to the latest report by real estate consultancy firm Anarock.

Mumbai Metropolitan Region (MMR) witnessed the highest number of land deals (17) during January-August 2023, followed by Delhi-NCR (13), Bengaluru (8), Chennai & Pune (5 each), Ahmedabad & Kolkata (3 each), Hyderabad (2), and Gujarat, Ludhiana & Raigad (1 each), according to the report by Anarock.

Anuj Puri, chairman of ANAROCK Group, said, “Latest ANAROCK Research indicates that as many as 59 separate land deals for over 2018 acres have been closed across the country between January to August 2023. In the corresponding period last year, about 50 land deals for over 1,438 acres were closed across various cities.”

He, however, added that very few of these deals were for large land parcels. The three largest were in Ahmedabad, for nearly 740 acres, and one deal each in Ludhiana and Bengaluru for more than 300 acres each. In terms of deal numbers, residential real estate drew the highest.

According to the report, of 59 land deals closed in 2023 (January-August), about 38 deals for over 283 acres are proposed for residential development across the top-7 cities. Five deals for more than 1,136 acres are earmarked for township projects in cities like Chennai, Ahmedabad and Ludhiana. Four deals for over 62 acres are for mixed-use developments in Noida, Gurugram, Pune and Bengaluru.

Three separate land deals for over 154 acres are for plotted developments in cities like Chennai, Raigad and Gurugram. Three deals for nearly 16.5 acres are for commercial development in NCR cities like Delhi, Noida and Gurugram. One large deal over 300 acres has been earmarked for manufacturing in Bengaluru.