Gurugram: Of a total of 1,205 hectares obtained for housing development in the top seven metro cities over the past year, NCR is currently standing second with a 12% share (around 150 hectares).
Especially in the seven cities, Gurugram tops in land transactions for other development projects – logistics, and the garden and city industry, according to the latest report by Anarock Real Estate Consultants.
Although the Mumbai Metropolitan region (MMR) shares the total land transaction for housing development is 64% (768 hectares), the NCR section is dominated by Gurugram (77 hectares) and noida (73 hectares) on the Anarock list.
In addition to the development of the proposed housing, industry, commercial, data center and retail also see the land obtained for development for the past year.
At least six soil offers for around 411 hectares are planned for logistics, industrial industries and cities in seven metro-cities – with Gurugram topping lists with 67% of land shares, followed by Chennai with 20% stake, Kolkata 8% and MMR 5%.
According to Anarock, the land remains the most valuable resource in the midst of rapid urbanization and quite a number of limited resources move hands in the top cities during the Covid-19 pandemic.
“Many developers and entities seal around 45 separate land offers cumulatively account for more than 1,757 hectares of areas in the top 7 cities between Q3 2020 and November 2021,” said the report.
And for mixed development, three land transactions for more than 58 hectares are closed – each in MMR, Chennai and Gurugram.
“Of the total land area transacted 1,757 hectares, around 69% or 1,205 hectares are proposed to be developed into several housing projects in these cities.
The total development potential of this transaction works up to 45-50 million sq ft,” said Santhosh Kumar, representative Chair of Anarock.
Realtors have echoed similar sentiments.
Bharat Kumar, Director of the Spaze Group, said that the commercial development demand has increased along with the increasing demand for housing.
When the market improves, the developer completes the acquisition to ensure enough land to start a project that meets the current request.
“Saransh Tranity, Managing Director of Group Tranity , said, “the real estate sector, especially the housing segment, continues to increase, thanks to the market conditions that are beneficial for home buyers.
Whether it’s a fixed price of property for the past few years, home loan interest rates are low, and various options available For buyers at the property ready to move in and under construction.
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