After the worldwide outbreak, the real estate market in India is experiencing a remarkable surge in demand, and many expensive land deals are currently being made. A total of 87 separate deals for land totaling more than 1,862 acres were closed during the financial year 2022–2023, according to statistics from real estate consultant ANAROCK.In the year before, 2021–2022, 44 land deals totaling almost 1,649 acres were completed in a number of cities. The top seven cities comprised at least 76 of the 87 commitments that were completed in FY23, accounting for around 1,059 acres. The remaining 11 deals, accounting for about 803 acres, were completed in Tier 2 and 3 towns, such as Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad, and Surat.MMR saw the greatest amount of land deals among the top 7 cities, with 25 purchases totaling more than 267 hectares, next to NCR with 23 deals totaling nearly 274 acres. Chennai placed first in terms of the overall amount of land that was traded among the top 7 cities, with almost 292 acres doing so in nine different transactions.
According to Anuj Puri, head of the ANAROCK Group, “Leading players are going above and beyond to get the greatest land parcels in important regions as land is becoming rarer during the uncontrolled real estate building boom. From 44 in FY22 to 87 in FY23, the total amount of land deals grew significantly over the year prior. However, the increase in area was only 13%, suggesting that a number of smaller plots were given up in FY23. He continued, “Large and big builders have been profiting from the continuous housing boom,” pointing out that sales of homes in the top seven cities reached a record high in the most current fiscal year (approximately 3.8 lakh units). Due to the fact that land is the primary raw material used in the development of real estate, these companies have been carefully investing in significant micro markets, and many of the smaller agreements were completed in the previous fiscal year.