More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya - Hindustan Times
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More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya

Apr 21, 2024 01:39 PM IST

In FY-24, over 83 land deals for over 1,135 acres closed in top seven cities alone, remaining 18 deals in tier 2 and 3 cities, including Ahmedabad and Ayodhya

Real estate developers and entities sealed approximately 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country, according to data shared by Anarock.

Real estate developers and entities sealed approximately 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country (Picture for representational purposes only)(Pixabay)
Real estate developers and entities sealed approximately 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country (Picture for representational purposes only)(Pixabay)

In FY-24, over 83 land deals for over 1,135 acres closed in top seven cities alone, remaining 18 deals over 1,853 acres in tier 2 and 3 cities, including Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat.

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Among the top cities, NCR clocked 29 land deals for more than 313 acres, followed by MMR with 19 land deals for approximately more than 157 acres.

In contrast, FY-2022-23 saw 88 land deals for approximately 1,886 acres closed across various cities, the data showed.

"Interestingly, out of the total land deals in FY-24, over 83 deals for about 1,135 acres were closed in the top 7 cities alone", said Anuj Puri, chairman - ANAROCK Group.

"The remaining 18 deals, accounting for over 1,853 acres, were sealed in various tier 2 and 3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Tier 2 and 3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities," he said.

Among land deals in the top 7 cities, NCR topped out with 29 deals for more than 313 acres, followed by MMR with 19 deals for approximately more than 157 acres. Notably, in terms of total land area, Bengaluru saw 14 deals for more than 490 acres transacted - the highest among all top 7 cities.

The number of deals in FY 2024 has risen significantly – from 88 deals for more than 1,886 acres in FY23 to approximately 101 deals for more than 2,989 acres in the current financial year. In terms of total area, around 58% more land has been purchased in FY 2024 as compared to FY 23, the data showed.

Also Read: At least 97 land deals for more than 2700 acres closed across the country in 2023

“At approximately 4.93 lakh units, residential sales across the top 7 cities have created a new peak in FY2024," added Puri. "In particular, large and listed developers have seen very high sales, and it makes sense for them to buy land across prominent urban micro-markets. Resultantly, the previous financial year saw some very prominent land deals taking place."

80 deals for proposed residential and plotted developments

Of the total land deals in FY-24, around 80 separate deals for approximately 2,252 acres are for proposed residential, plotted development and township projects. In the residential category, deals were closed in Pune, Bengaluru, MMR, Hyderabad, NCR, Chennai, Mysuru, Ayodhya, and Jaipur.

Also Read: Are gods smiling for real estate investors in Varanasi, Ayodhya, other temple towns?

Deals for proposed plotted development projects were sealed in cities like Sonipat, Nagpur, Surat and Ahmedabad, while township projects were slated in Ahmedabad, Bengaluru, Thane, Ludhiana and Ghaziabad.

Commercial and retail together saw four separate deals for over 42 acres closed. Of these, three were for commercial developments - one each in Gurugram, Noida and Mumbai - and one retail deal was closed in Thane.

At least 79 acres in four separate deals have been earmarked for mixed-use developments in cities including Pune, Mumbai and Ludhiana.

Also Read: Godrej Properties highest bidder for land parcel in Noida with revenue potential of 3000 crore

Approximately 164 acres in five separate deals were closed for industrial, IT park, and logistics park in Gujarat, Chennai, Navi Mumbai, Nagpur, and Cuttack.

The top developers who bought land parcels for various developments in FY24 include Godrej Properties, Eldeco Group, Adani Realty, Signature Global, Oberoi Realty, DLF India, Prestige Group, K Raheja Corp, and Brigade Group, among others, it showed.

Also Read: Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

 

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