Mumbai: ​FY23 sees rise in small land deals across in India, majority in MMR

The financial year 2022-23 saw more land deals happening than the previous year. During FY23, there were as many as 87 land transactions in the seven cities of India as compared to 44 the previous fiscal. Most of them were in the Mumbai Metropolitan Region (MMR).

The data shared by Anarock, a real estate consultancy firm, indicates that in fiscal year 2022-23, approximately 87 separate land deals were sealed cumulatively accounting for over 1,862 acres. In FY-2021-22, 44 land deals accounting for around 1,649 acres closed across various cities.

Of all deals closed in FY23, at least 76 accounting for about 1,059 acres were in the top seven cities, and the remaining 11 deals accounting for approximately 803 acres took place in Tier 2 and 3 cities including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad and Surat.

25 land deals in Mumbai Metropolitan Region

Among the top seven cities, MMR saw the most with 25 land deals accounting for over 267 acres, followed by the National Capital Region (NCR) with 23 land deals of approximately 274 acres. There were 19 land transactions in the MMR for residential or plotted developments accounting for approximately 193 acres, followed by NCR with nine deals covering about 192 acres, and Chennai with seven land transactions for around 194 acres.

In terms of total land area transacted in the top seven cities, Chennai topped out with around 292 acres changing hands in nine separate deals.

57 land deals for residential or plotted developments

Of the total land deals in FY23, 57 separate deals for over 951 acres have been proposed for residential or plotted developments. In terms of commercial and retail related land deals, there were 11 separate transactions for nearly 46.5 acres.

The top developers who bought land parcels for various developments during the financial year included Godrej Properties, Birla Estates, Gaurs Group, Sobha Ltd., Oberoi Realty, Ajmera Realty, Mahindra LifeSpaces, M3M Group, and Gera Developers, among others.