Indian Real Estate, Land Jump Over Three Times
Indian Real Estate Market, Land deals jump over three-fold
Indian Real Estate Market, According to property consultants, real estate developers are looking to expand their business aggressively with the revival in demand resulting in a sharp increase in the number of land deals, which were jumped over three fold to 68 across eight major cities during January – September this year.
Properties consultants compiles land transactions, which include both outright purchases by developers and joint development agreements.
In Indian Real Estate Market 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, post the Covid-19 pandemic, the real estate market is witnessing increased action.
To capitalize on the increase in housing demand over 2020 and 2021in Indian real estate market, all leading real estate firms such as Macrotech Developers, Godrej Properties and Prestige Estate are buying land parcels and also partnering with landlords.
Hyderabad has witnessed the biggest ever land transactions this year in terms of land area transacted.
In terms of the total number of land deals in Indian real estate market, MMR (Mumbai Metropolitan Region) saw the highest number of deals, while the total area transacted was extraordinary, one must consider the exorbitant prices in this land-scarce city .
Of the total land deals during January-September this year, 40 deals covering 590.54 acres were for development of residential projects, while four deals covering 147 acres were for industrial and logistics parks.
Four land deals for 118.8 acres were done for the development of the data center.
Five deals involving 115 acres of land for mixed-use projects and another four involving 25.73 acres for commercial projects were done in India.
Eleven land deals, covering 658.94 acres, were for the development of retail and other real estate properties.
The consultant said that with some large deals, there is still ambiguity about the type of growth in Indian real estate market.
Across cities, the Delhi NCR property market saw 16 deals covering 233.83 acres during January-September this year.
This included nine deals for a total of 197 acres in Gurugram and seven deals in Delhi, Faridabad and Noida.
There were 17 deals for 198.62 acres in the Mumbai Metropolitan Region.
The number of land deals in Bengaluru stood at nine, covering 223.2 acres.
In Hyderabad, only seven land deals took place but the total area was 769.25 acres.
Pune saw eight deals totaling 123.7 acres, while Chennai saw seven deals totaling 92.21 acres.
The number of land deals in Kolkata was only one in 5.6 acres.
Ahmedabad saw three deals of 9.6 acres of land during the first nine months of this calendar year.
Housing demand has recovered strongly after a slowdown in the last two years due to the COVID-19 pandemic. So builders, especially big builders, are looking to launch more projects.
Housing sales rose to 2,72,709 units in seven major cities during January-September this year, as against 1,45,651 units in the same period last year, according to Indian real estate market data.
The January-September figure for this calendar year is higher than the 2,61,358 units sold during the entire 2019 calendar year.
