Real estate consultant Anarock reported the close of 59 land deals for 2,018 acres so far in 2023

Real estate consultant Anarock informed that at least 59 land deals are closed so far in 2023 involving land spreading up to 2,018 acres. Anarock affirmed that the real estate developers are aiming at business expansion and tapping into the high demand for residential and commercial properties in the post-pandemic period. "Our latest research indicates that as many as 59 separate land deals for over 2,018 acres have been closed across the country between January to August 2023," Anuj Puri, Chairman of Anarock, said. The real estate consultant added that the land parcels are increasingly being used for setting up manufacturing units and hospitals.

Last year, the number of deals closed during the same period was 50 for 1,438-plus acres of land. Overall, the real estate developers closed 87 land deals accounting for over 1,862 acres in fiscal year 2022-23.

While talking about the dimensions of the deal, Anuj Puri mentioned that very few of the deals completed this year are for large parcels of land. "The three largest were in Ahmedabad, for approx. 740 acres, and one deal each in Ludhiana and Bengaluru for 300-plus acres each," Puri said. Anarock also shared the details about the purpose of the land purchase and said out of the total 59 land deals, 38 were closed for 283 acres proposed for residential development. 5 deals for 1,136-plus acres are closed for the township projects for cities like Ahmedabad, Chennai, and Ludhiana. 4 land deals for 62 acres are for mixed-use developments in cities like Pune, Bengaluru, Noida, Gurugram, etc.

While sharing the city-wise details of the land deals, Anarock said that Mumbai Metropolitan Region is on top with 17 land deals but the total area transacted was just over 95 acres. In terms of area, Ahmedabad has impressed with approximately 740 acres of land transacted so far this year. In Delhi-NCR regions 13 deals for an area of nearly 90 acres (Gurugram 9 deals for 61.6 acres, Noida 3 deals for 19 acres, Delhi 1 deal for 9 acres.) In Bengaluru, there were 8 separate deals for 401 acres while in Chennai there were 5 deals for 178 acres