The year 2023 has seen remarkable land deals across cities, with at least two deals in Hyderabad and Gurugram setting a new benchmark at a staggering Rs 100 crore per acre, as revealed by Anarock Research, a prominent real estate research firm.
Real estate developers and various business entities have made substantial land acquisitions at record-breaking prices this year. The Hyderabad-based Rajpushpa Properties, for instance, procured 3.6 acres of land for a staggering Rs 362 crore, intended for a residential project. Meanwhile, in Gurugram, Godrej Properties secured 7.91 acres for a residential venture, spending around Rs 900 crore (approximately Rs 113 crore per acre). In Mumbai, Ajmera Realty invested Rs 76 crore to acquire 1.24 acres of land.
Anarock Research’s latest report highlights that between January and August 2023, a total of 59 distinct land deals covering more than 2018 acres were finalized across the country. This reflects a significant increase compared to the corresponding period of the previous year, which witnessed approximately 50 land deals spanning over 1438 acres in various cities.
However, it is notable that there were only a few land deals for extensive land parcels within the first eight months of 2023.
According to Anuj Puri, Chairman of Anarock Group, “The three largest [deals] were in Ahmedabad, for approximately 740 acres, and one deal each in Ludhiana and Bengaluru for 300+ acres each. In terms of deal numbers, residential real estate drew the highest attention.”
Key Highlights of 2023’s Land Deals:
- Out of the 59 land deals, around 38 deals for more than 283 acres are designated for residential development across the top 7 cities.
- Five deals covering 1,136+ acres are aimed at township projects in cities like Chennai, Ahmedabad, and Ludhiana.
- Four deals covering 62+ acres are for mixed-use developments in Noida, Gurugram, Pune, and Bengaluru.
- Three separate land deals over 154 acres are intended for plotted developments in cities including Chennai, Raigad, and Gurugram.
- Three deals for approximately 16.5 acres are earmarked for commercial development in NCR cities such as Delhi, Noida, and Gurugram.
- A major deal encompassing over 300 acres has been allocated for manufacturing purposes in Bengaluru.
City-wise Trends:
- Ahmedabad leads in terms of total transacted land area with roughly 740 acres.
- Mumbai Metropolitan Region (MMR) witnessed the highest number of deals (17), covering a total transacted area of just over 95 acres.
- Hyderabad had two separate deals totaling 18+ acres, contributing 1% of the total land transacted.
- NCR concluded 13 deals accounting for around 4% of the total land transacted (approximately 89.82 acres). Gurugram had 9 deals, Noida had 3, and Delhi had one.
- Bengaluru saw 8 deals for over 401 acres, comprising 20% of the total transacted area.
- Pune witnessed 5 deals for nearly 44 acres, representing 2% of the total transacted area.
- Chennai had 5 deals for approximately 178 acres, covering a range of developments including plotted, residential, IT park, and township projects.
- Ahmedabad stood out with 3 deals over 740 acres, accounting for a significant 37% share of the total land transactions in the country.
- Kolkata concluded 3 land deals totaling approximately 25 acres.
The year 2023 has undeniably witnessed remarkable land deals, with Hyderabad and Gurugram’s notable transactions setting new records in terms of pricing. These developments indicate the continuing dynamism of the Indian real estate market despite challenges and uncertainties.
