Anarock, Real Estate News, ET RealEstate
Numerous developers and entities have entered into approximately 45 separate land deals, including outright purchases and joint developments, totaling approximately 1,757 acres in the 7 major cities between July 2020 and November 2021.
Of the total 45 land deals, at least 10 deals spread over 380 acres were on a revenue-sharing basis (including joint development agreements and joint ventures) while one transaction of about 16 acres was leased on a annual rental basis.
The remaining 34 deals covering more than 1,361 acres were outright land deals, Anarock said Monday.
“The last 7-8 months before Covid-19 (March 2020) saw limited land deals as the real estate industry struggled with liquidity at the time. Then, Covid-19 practically shut down the industry for 3-4 months, “said Santhosh Kumar, vice president of the ANAROCK group.
“However, from the third quarter of 2020, activity picked up and several landowners who previously held firm to their land put their properties up for sale. As a result, some significant transactions took place last year, more or less less the same prices as the previous year Many developers with the financial means saw this period as an opportunity to secure good plots of land in the key micro-markets of the first 7 cities, ”he added.
The consultant said the maximum deals were for residential property development.