As a result of rising demand across various sectors of Indian real estate, developers and business entities are busy purchasing land in various cities in 2023, latest research by the ANAROCK Group suggested.
The research indicates that 59 separate land deals for over 2,018 acres have been closed across the country between January-August 2023, ANAROCK Group Chairman Anuj Puri said. "In the corresponding period last year, about 50 land deals for over 1,438 acres were closed across various cities,” he added.
“However, very few of these deals were for large land parcels,” said Puri.
The three largest land deals were placed in Ahmedabad for approximately 740 acres, and there was one deal each in Ludhiana and Bengaluru for over 300 acres. Residential real estate drew the highest in terms of deal numbers, the report said.
It further stated that approximately 38 deals for over 283 acres are proposed for residential development across the top seven cities of India.
The report mentioned five deals for more than 1,136 acres earmarked for township projects in cities like Chennai, Ahmedabad and Ludhiana. There were four deals for over 62 acres for mixed-use developments in Noida, Gurugram, Pune and Bengaluru.
Source: ANAROCK ResearchCity-wise analysis
In terms of total land area transacted, Ahmedabad stood out with nearly 740 acres deals till August this year. At 17 deals, Mumbai Metropolitan Region (MMR) witnessed the highest numbers, with the total area transacted being over 95 acres.
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(Edited by : Shoma Bhattacharjee)
First Published: Aug 21, 2023 7:46 PM IST
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