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Mumbai | 97 separate land deals over 2707 acres were closed across the country in 2023, with the Mumbai Metropolitan Region (MMR) accounting for the highest number of 25 land deals, with strong residential sales in cities accounting for at least 72 percent of the total land area in 2023, according to data from real estate consultancy ANAROCK.
MMR transacted 289 acres with 25 land deals, followed by National Capital Region (NCR), which transacted 190 acres with 22 land deals
At least 10 land deals have been closed for 646 acres by 2023 in Tier Two and three cities in Gujarat, including Ludhiana, Nagpur, Mysore, Sanand, and Dahej. The proposed development includes residential development, township projects, manufacturing, and logistics. Park, and mixed use.
Mumbai Land Deals in 2023
In 2023, a total of 97 land deals were concluded, with 74 deals covering over 1,945 acres proposed for residential development in Tier 1, 2, and 3 cities. Additionally, there are plans to earmark a total of 564.75 acres for industrial and logistic parks. and manufacturing under six separate agreements.
According to ANAROCK data, there are seven deals for mixed-use development of 126 acres, five deals of 27.5 acres for commercial and IT parks, and 43.35 acres in five separate deals for other asset classes, including retail and hospitality. Three deals have been done in Ahmedabad, covering an area of about 740 acres.
“In terms of volume of transactions, Ahmedabad leads the way with the highest number of land transactions in 2023. Land prices in the city are still very affordable. With increasing commercial and residential demand, developers and firms are moving to Ahmedabad. Land deals are happening here,” said Anuj Puri, Chairman of Anarac Group
2023 Top Deals in Bengaluru
In terms of notable deals, in 2023, Ahmedabad-based listed company Arvind acquired around 500 acres for the SmartSpace township project. Foxconn has acquired 300 acres in Bengaluru for manufacturing purposes and 60 acres in Chennai for plot development by Godrej Properties.
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