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MUMBAI : Developers and other multiple entities 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.
Of the total transacted land area, approximately 69% or 1,205 acres of the land 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 mn sq. ft. of residential area.
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 covid-19 (March 2020) saw limited land deals as the real estate industry was grappling with liquidity issues at the time," says Santhosh Kumar, Vice Chairman - Anarock Group. "Then covid-19 brought the sector to a 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. Resultantly, some prominent deals took place in the past 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."
