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Top 7 Indian Cities See 1,757 Acres Of Land Deals in 1 Year; 69 Per Cent Earmarked For Residential Development: Anarock

28 separate land deals for over 1,205 acres proposed for residential development in the top 7 cities; MMR has a 64 per cent share, while NCR a distant 2nd with a 12 per cent share

By : ABP News Bureau | Updated at : 06 Dec 2021 12:56 PM (IST)

Top 7 Indian Cities See 1,757 Acres Of Land Deals in 1 Year; 69 per cent earmarked for residential development: Anarock Top 7 Indian Cities See 1,757 Acres Of Land Deals in 1 Year; 69 Per Cent Earmarked For Residential Development: Anarock

The top developers who bought land parcels for residential developments include Godrej Properties, Sunteck Realty, Ashiana Housing, Mahindra LifeSpaces, M3M Group, and Runwal Developers. Image: Getty

New Delhi: Real estate developers and other multiple entities in India sealed around 45 separate land deals cumulatively accounting for over 1,757 acres of area across the top seven cities between Q3 2020 and November 2021, according to real estate consultancy, Anarock Property Consultants.

The top developers who bought land parcels for residential developments include Godrej Properties, Sunteck Realty, Ashiana Housing, Mahindra LifeSpaces, M3M Group, and Runwal Developers.

“The last 7-8 months before the Covid-19 pandemic (March 2020) saw limited land deals as the real estate industry was grappling with liquidity issues at the time,” said Santhosh Kumar, vice-chairman of ANAROCK Group. “Then Covid-19 brought the sector to a virtual standstill for 3-4 months. For about a year, developers preferred to either service their debts or complete previously-launched projects. However, from Q3 2020, activity resumed and several landowners who previously held fast to their land put their holdings up for sale. Some prominent deals took place in the past one year, at more or less the same price points as the previous year. Many developers with the financial wherewithal saw this period as opportune to secure good land parcels in key micro-markets across the top 7 cities,” Kumar said.

Of the total transacted land area, around 69 per cent or 1,205 acres are proposed to be developed into multiple residential projects across these cities. The total development potential of these deals works out to at least 45-50 million square feet (mn sq. ft) of residential area.

As many as 28 residential land deals were closed across the cities in the last year.

Land-starved Mumbai Metropolitan Region (MMR) saw 11 land deals involving 768 acres of area — a 64 per cent share of the total 1,205 acres of planned residential development across the top cities across the country.

NCR came a distant second with 4 separate deals accounting for 12 per cent of the total land deals with around 150 acres earmarked for development. This includes 3 deals for a total of 77 acres in Gurugram, and one deal for over 73 acres in Noida.

Kolkata saw 2 separate deals for over 92 acres of land on a joint development agreement (JDA) basis, while Hyderabad witnessed 2 separate land deals for a total of 78 acres.

Bengaluru, on the other hand, saw 5 separate deals for a total of 59 acres earmarked for residential development, Pune saw 3 deals for 42 acres, and Chennai witnessed 1 deal for 16+ acres.

Proposed Developments

Besides proposed residential developments, industrial, commercial, data centres, and retail also saw land acquired for development.

Of the total of 45 land deals for over 1,757 acres, at least six deals for 411 acres of land are earmarked for a logistics & industrial park and township. Of this, two deals for over 275 acres were closed in Gurugram, followed by two deals in Chennai for over 83 acres, and one each in Howrah and MMR for 31 acres and 22 acres, respectively.

For mixed-use developments, three land deals for over 58 acres were closed — one each in MMR, Chennai, and Gurugram.

At least five deals for at least 44 acres were closed for commercial developments in Bengaluru and MMR. The details for one of these deals have not been disclosed.

At least 30 acres are proposed to be utilised for data centres in Navi Mumbai and around 9 acres have been earmarked for two separate retail developments.

Top Land Deals Across Cities

Deal in Quarter

Landowner

Buyer

City

Size (in acres)

Value (Rs-crore)

Proposed Development

Q3-2020

Individual

Sunteck Realty

MMR