Of a total 1,205 acres acquired for residential development in the top seven metro cities over the past one year, NCR currently stands second with a 12% share (approx 150 acres). Moreover, across these seven cities, Gurugram tops in land transactions for other development projects — logistics, and industrial park and township, according to the latest report by real estate consultants Anarock.
Though Mumbai Metropolitan Region’s (MMR) share in total land transaction for residential development is 64% (768 acres), NCR’s share is dominated by Gurugram (77 acres) and Noida (73 acres) on the Anarock list.
Besides the proposed residential developments, industrial, commercial, data centres and retail also saw land acquired for development over the past one year. At least six land deals for some 411 acres are planned for logistics, industrial park and township across the seven metro cities — with Gurugram topping the list with a 67% land share, followed by Chennai with 20% share, Kolkata 8% and MMR 5%.
According to Anarock, land remained the most precious resource amid rapid urbanisation and quite a lot of this finite resource changed hands across the top cities during the Covid-19 pandemic. “Many developers and entities sealed around 45 separate land deals cumulatively accounting for over 1,757 acres of area across the top 7 cities between Q3 2020 and November 2021,” the report claimed.
And for mixed-use development, three land deals for over 58 acres were closed — one each in MMR, Chennai and Gurugram. “Of the total transacted land area of 1,757 acres, around 69% or 1,205 acres are proposed to be developed into multiple residential projects across these cities. The total development potential of these deals works out to 45-50 million sq ft,” said Santhosh Kumar, Anarock vice-chairman.
Realtors have echoed similar sentiments. Bharat Kumar, director of Spaze Group, said, “The demand for commercial development has increased in tandem with the rise in residential demand. As the market improves, developers are completing acquisitions to guarantee enough land to begin projects that meet the current demand.”
Saransh Trehan, managing director of the Trehan Group, said, “The real estate sector, especially the residential segment, is continuously improving, thanks to favourable market conditions for homebuyers. Be it property prices that remained flat over the past few years, home loan interest rates which are all-time low, and various options available to buyers in ready-to-move-in as well as under-construction properties.”
Source : TOI