Real Estate Developers Closed 97 Land Deals For 2,707 Acres Across India In 2023: Anarock

Backed by strong residential sales momentum across cities, at least 72 per cent of the total land area closed in 2023 is slated to be used for residential development

Of 97 land deals closed in 2023, about 74 deals for over 1,945+ acres are proposed for residential development across Tier-1, II, and III cities. ( Image Source :Getty )

The year 2023 was a stand-out year with several land deals closed. As land acquisition spree of financially strong developers and entities continues, Anarock data pointed out that there were at least 97 separate land deals for over 2707 acres closed in 2023 across the country. Backed by strong residential sales momentum across cities, at least 72 per cent of the total land area closed in 2023 is slated to be used for residential development.

In 2022, 82 land deals for 2508+ acres were closed in India. This means that the past two years saw at least 179 land deals for a whopping 5215+ acres closed.

Accoridng to Anarock data, of 97 land deals closed in 2023, about 74 deals for over 1,945+ acres are proposed for residential development across Tier-1, II, and III cities. Over 564.75 acres in six separate deals are earmarked for Industrial & Logistic Parks and Manufacturing.

Seven deals for over 126 acres are for mixed-use developments, while five deals for over 27.5 acres are for commercial and IT Parks.

About 43.35 acres in five separate deals earmarked for other asset classes including retail, hospitality, and some are undecided.

Anarock Group Chairman Anuj Puri said, "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. 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."

City-wise Break-up

Ahmedabad saw the highest land area transacted with 739 + acres in 3 separate deals and accounted for over 27 per cent of the total land transacted in 2023. All 3 deals are for large township projects.

Bengaluru sealed 11 separate deals accounting for a 16 per cent 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 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. The proposed developments in NCR include residential, retail, mixed-use, commercial, and plotted development.

Hyderabad saw 9 separate deals for 69.5+ acres earmarked for residential development.

Pune saw 6 separate deals for 49+ acres of land, proposed for residential and mixed-use developments.

Chennai saw 7 deal for 198+ acres proposed for a township project, IT Park and residential development.

Kolkata saw 3 land deals for 24.88 acres closed.

Tier 2 & 3 cities, including Ludhiana, Nagpur Mysuru, Sanand and Dahej in Gujarat, among others, saw at least 10 land deals closed for 646+ acres closed in 2023. The proposed developments include residential development, township project, manufacturing, logistics park, and mixed-use.