Major land deals across cities double to 87 in FY23; Mumbai Metropolitan Region tops with 25

MUMBAI: Eighty-seven big land deals were sealed across cities in 2022-23, accounting for more than 1,862 acres. With 25 deals involving over 267 acres, Mumbai Metropolitan Region (MMR) topped the list.
According to data collated by ANAROCK Property Consultants, 2021-22 saw 44 land deals accounting for around 1,649 acres across cities.

Of the deals closed in FY 2023, at least 76, accounting for 1,059 acres, were in the top seven cities, and the remaining 11 involving about 803 acres in tier 2 and 3 cities such as Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad and Surat.
Among the top seven cities, MMR was followed by NCR with 23 land deals covering about 274 acres. In terms of total land area transacted, Chennai was No. 1 with 292 acres changing hands in nine deals.
"Indian real estate developers' post-Covid focus on land acquisition shows no signs of slowing down, with prime land parcels being targeted across India for various types of developments," ANAROCK said in its report.
19 MMR land deals last fiscal meant for residential development
The MMR topped in big land deals while Chennai was No. 1 in area sold across cities in 2022-23, a report by ANAROCK Property Consultants said on Sunday. "With land becoming scarce amid the unfettered real estate development boom, leading players are pulling out all the stops to secure the best land parcels in key locations," Anuj Puri, ANAROCK Group chairman, said.
In terms of area, the increase over FY22 was just 13%, implying that several smaller plots were closed in FY23, he said. Puri added, "With residential sales in the top seven cities scaling an all-time high in the last financial year (approx. 3.8 lakh units), large and listed developers have been cashing in on the unrelenting housing boom."
Of the total land deals in FY-23, 57 of them covering over 951 acres have been proposed for residential or plotted developments. In MMR, 19 land acquisitions have been proposed for residential or plotted developments, accounting for 193 acres, followed by NCR with nine deals for 192 acres, and Chennai with seven pacts for 194 acres.
In terms of commercial and retail-related land deals, we saw 11 transactions for 46.5 acres. At least 714 acres acquired in eight land deals have been earmarked for mixed-use and township developments. About 83 acres in three deals were closed for data centres in cities like MMR and Pune. The top developers who bought land parcels for various projects in FY-23 include Godrej Properties, Birla Estates, Gaurs Group, Sobha Ltd., Oberoi Realty, Ajmera Realty, Mahindra LifeSpaces, M3M Group, and Gera Developers.