Land deals surge over threefold in first nine months of 2022: Report

New Delhi: Nearly 68 land deals, accounting for 1,656 acre, were registered in the first nine months of this calendar year across India’s top right cities, according to a report by property consultant Anarock. In the corresponding period last year, just 20 land deals for 925 acre were closed across these cities, the report said.

Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock said.

The top eight cities include National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad Pune, Chennai, Kolkata, and Ahmedabad.

Of the 68 deals, nearly 40 deals accounting for over 590 acre, was proposed for residential development by the developers and entities.

‘’In terms of land area transacted, Hyderabad 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.”

According to Anarock, the National Capital Region recorded the acquisition of about 234 acres in 16 separate transactions.

“This includes 9 deals for a total of 197 acres in Gurugram, and 7 in Delhi, Faridabad, and Noida. The proposed developments include residential, retail, mixed-use, commercial, and warehousing,” the report said.

Of total land deals in January-September 2022, nearly 40 deals over 590 acre were proposed for residential development, 147 acres for Industrial & Logistic Park and Warehouse, 119 acres for data centres, 115 for mixed-use development & 26 acres for commercial, among others, said the report.

City-wise, Hyderabad topped the land deal share with 46%, the NCR came in a distant second with 14% and Bengaluru was next with a 13% share. MMR had the highest number of transactions, but for small land parcels.