Land Deals by Builders Jump over Three-Fold in Eight Cities in Jan-Sept 2022: Report
Nov 21, 2022
At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.
NEW DELHI: Real estate developers are aggressively looking to expand their business with revival in demand, resulting in a sharp rise in the number of land deals which jumped over three-fold to 68 across eight major cities during January-September this year, according to property consultant Anarock.
Anarock has compiled the land transactions, which include both outright purchases by developers and also joint development agreements (JDAs).
At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.
Out of the 68 deals in January-September period of 2022, as many as nine were either JDAs or on revenue sharing basis. The remaining deals were outright purchase.
Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock noted.
To encash the surge in housing demand compared to 2020 and 2021, all major real estate firms like Macrotech Developers, Godrej Proerties and Prestige Estates are buying land parcels outright and also entering into partnership with landlords.
"In terms of land area transacted, has seen the biggest land transactions so far this year," said Santhosh Kumar, Vice Chairman of Anarock Group.
"In terms of total number of land deals, MMR (Mumbai Metropolitan Region) clocked the highest number of deals; while the total area transacted was unspectacular, one must also consider the steep prices in this land-starved city," he added.
Of the total land deals during January-September of this year, there were 40 deals comprising 590.54 acres for development of residential projects, while four land deals were for industrial and logistics parks covering 147 acres.
For development of data centres, four land deals were struck for 118.8 acres.
Source: realty.economictimes.indiatimes.com
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