Land Deals Surge by 14% in FY24; Delhi-NCR Leads the Pack, Reports Anarock
Land Deals Surge by 14% in FY24; Delhi-NCR Leads the Pack, Reports Anarock
Land Deals Surge by 14% in FY24; Delhi-NCR Leads the Pack, Reports Anarock
Rapid Growth: Developers across India witnessed a 14% surge in land deals during the fiscal year 2023-24 compared to the previous fiscal year, according to data released by Anarock, a prominent real estate consultancy firm.
Expanding Footprint: The total area involved in these land deals experienced a substantial 58% increase during the same period.
City-wise Analysis: Delhi-NCR emerged as the frontrunner with 29 land deals covering over 313 acres, followed closely by Mumbai Metropolitan Region (MMR) with 19 deals spanning approximately 157 acres.
Bengaluru Dominates in Total Land Area: Bengaluru recorded the highest number of deals with 14 transactions accounting for 490 acres, outperforming other major cities like Chennai, Hyderabad, Kolkata, and Pune.
Tier 2 and 3 Cities Show Promise: Anarock Chairman Anuj Puri noted a significant trend where 18 deals, totaling over 1,853 acres, were sealed in tier 2 and tier 3 cities such as Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat, indicating their resurgence as robust growth hubs.
Key Players: Leading developers like Macrotech Developers, Prestige Group, DLF, Godrej Properties, Brigade Group, and others were actively involved in acquiring land parcels across various cities during the fiscal year.
Proposed Developments:
Residential Projects: Around 80 separate deals covering approximately 2,252 acres were earmarked for proposed residential, plotted development, and township projects across cities like NCR, Chennai, Pune, Bengaluru, MMR, Hyderabad, Mysuru, Ayodhya, and Jaipur.
Plotted Development and Township Projects: Deals for plotted development projects were finalized in cities like Sonipat, Nagpur, Surat, and Ahmedabad, while township projects are planned in Ahmedabad, Bengaluru, Thane, Ludhiana, and Ghaziabad.
Commercial and Retail Sectors: Four separate deals, totaling over 42 acres, were closed for commercial and retail developments. Notably, three deals were for commercial developments in Gurugram, Noida, and Mumbai, while one retail deal was sealed in Thane.
Mixed-Use and Industrial Projects: Approximately 79 acres across four separate deals were allocated for mixed-use developments in cities including Pune, Mumbai, and Ludhiana. Additionally, around 164 acres were secured in five separate deals for industrial, IT park, and logistics park projects in Gujarat, Chennai, Navi Mumbai, Nagpur, and Cuttack.
