Real estate developers and some business entities have purchased lands at record prices in 2023 across cities. The price of at least two land deals this year was a whopping Rs 100 crore per acre, according to Anarock Research.
For instance, Rajpushpa Properties in Hyderabad purchased just 3.6 acres of land for Rs 362 crore. This deal was for a residential project. In Gurugram, Godrej Properties purchased 7.91 acres of land for a residential project for Rs 900 crore (approx Rs 113 crore per acre. In Mumbai, Ajmera Realty purchased 1.24 acres of land for Rs 76 crore.
As many as 59 separate land deals for over 2018 acres were closed across the country between January to August 2023, as per the latest Anarock Research report. In the corresponding period of the previous year, about 50 land deals for over 1438 acres were closed across cities.
However, very few land deals were for large land parcels between January-August 2023.
“The three largest were in Ahmedabad, for approx. 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,” says Anuj Puri, Chairman, Anarock Group.
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Highlights of land deals in 2023
- Of 59 land deals closed in 2023 (Jan-Aug), approx. 38 deals for 283+ acres are proposed for residential development across the top 7 cities
- 5 deals for 1,136+ acres are earmarked for township projects in cities like Chennai, Ahmedabad and Ludhiana
- 4 deals for 62+ acres are for mixed-use developments in Noida, Gurugram, Pune and Bengaluru
- 3 separate land deals for over 154 acres are for plotted developments in cities like Chennai, Raigad and Gurugram
- 3 deals for approx. 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.
City-wise trends
In terms of total land area transacted, Ahmedabad stood out with approx. 740 acres transacted so far till August this year. At 17 deals, the Mumbai Metropolitan Region (MMR) saw the highest number; the total area transacted was just 95+ acres.
The price of some of the biggest land deals jumped over Rs 100 crore per acre.
Top Land Deals Across Cities in 2023
Hyderabad saw 2 separate deals for 18+ acres, accounting for just 1% of the total land transacted between January and August 2023.
NCR sealed 13 separate transactions accounting for 4% of the total land transacted, for approx. 89.82 acres. This includes 9 deals for a total of 61.6 acres in Gurugram, 3 in Noida for 19+ acres, and one in Delhi for approx. 9 acres. The proposed developments include residential, retail, mixed-use, commercial, and plotted development.
Bengaluru saw 8 separate deals for 401+ acres, accounting for 20% of total land transacted, earmarked for manufacturing, residential, and mixed-use.
Pune saw 5 separate deals for approx. 44 acres, accounting for just 2% of the total land area transacted across cities, proposed for residential and mixed-use development.
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MMR saw the highest number of transactions (17) cumulatively accounting for just 95+ acres, earmarked for residential development.
Chennai saw 5 deals for approx. 178 acres, earmarked for plotted developments, residential, an IT park, and a township project.
Ahmedabad closed 3 deals over 740 acres – accounting for the highest share (37%) of total land transactions in the country
Kolkata closed 3 land deals for approx. 25 acres.