Developers continue to acquire land on the back of demand for real estate
land deals for over 2707 acres closed in 2023 across the country up from 82 deals for 2508 acre a year ago.
Backed by strong residential sales momentum across cities, at least 72% of the total land area closed in 2023 is slated to be used for residential development.
“In terms of transaction size, Ahmedabad was the front-runner with the biggest land transaction in 2023.
Land prices in the city are comparably still among the most affordable,” said Anuj Puri, Chairman, Anarock group.
Last two years saw at least 179 land deals for a whopping 5215 acres closed.
“With rising commercial and residential demand since the pandemic, developers and entities are making a beeline to Ahmedabad to close land deals here. In terms of total number of deals, MMR clocked the highest with 25 — however, these were for small land parcels covering approx.
289 acres. NCR came in second-highest with 22 land deals closed in 2023,” Puri said.
Ahmedabad saw the highest land area transacted with 739 acre in 3 separate deals and accounted for over 27% of the total land transacted in 2023. All 3 deals are for large township projects.
Bengaluru sealed 11 separate deals accounting for a 16% share of the total land area transacted in 2023, with 424 acres changing hands — 10 deals for residential development, and one for manufacturing.
Land-scarce MMR saw the highest number of deals (25) for approximately 289 acres, earmarked largely for residential (20), 2 deals for mixed-use developments, and 1 deal each for an IT Park, hotel and retail developments
NCR saw 22 separate land deals for 190 acres, including 16 deals for 138 acres in Gurugram, 3 deals for 19 acres in Noida, and one deal each in Delhi, Faridabad and Greater Noida.
