Over 1,656 acres of real estate went on the block between January and September this year, of which 590 acres have been set aside by their buyers for residential development, a research report by property consultant Anarock has revealed.
The nine-month tally is significantly higher — 3.4x to be precise — than last year’s January-September land deal tally. The same period last year saw barely 20 land deals totalling just about 925 acres of real estate.
While a large chunk (590 acres) of this year’s land deals have been earmarked for residential development, 147 acres have been set aside for the development of industrial and logistics parks (including warehouses) and 119 acres for data centres. Anarock data has 115 acres for mixed-use development while only about 26 acres have been earmarked for commercial development.
In keeping with broader trends this year, Hyderabad continues to outperform other real estate markets by accounting for 46 percent of the deal share this year, while NCR is a distant second accounting for only 14 percent of land deals thus far. Bengaluru had a 13 percent share in deals this year.
While the Mumbai Metropolitan Region (MMR) registered the highest number of land deals, much smaller land parcels were transacted in this market. “While the total area transacted was unspectacular, one must also consider the steep prices in this land-starved city,” said Santhosh Kumar, Vice President at Anarock Group.
In terms of ticket prices, Oberoi Realty seems to have coughed up the most for land this year, paying around Rs 1,000 crore to procure 50 acres in Gurugram from the Ireo Group in the July-September quarter. The company expects to develop a residential project on this land parcel.
In terms of acreage, the Hetero Group leads the way — it paid about Rs 350 crore but struck a value deal to net a whopping 600 acres in Hyderabad from an undisclosed seller for a yet-to-be-announced project.
Hyderabad has been in the news in the light of Amazon Web Services (AWS) zeroing in on the market to build its next infrastructure region, here. AWS has projected the development of about 48,000 annual jobs thanks to the announcement and has earmarked an investment of $4.4 billion in the Indian market via its latest infrastructure region in Hyderabad.
(Edited by : Priyanka Deshpande)
