Real Estate: THESE 4 Small Cities Record 75% Of All Land Deals In India In Past 22 Months – News18

Even as the true property sector has been witnessing an enormous demand for the reason that first of 2022 after a two-yr hiatus as a result of coronavirus pandemic, a report exhibits that tier-1 and tier-2 cities in India have obtained the best chunk of land offers by actual property builders. According to the newest JLL report, simply 4 cities Panipat, Ludhiana, Nagpur and Panchkula collectively contributed to round 75 per cent of the overall 1,461 acres of acquired land throughout January 2022-October 2023.

“Increasing demand and buying capacity of the customers, branded developers have successfully closed many land transactions in these cities,” JLL stated in a press release.

In the 22-month interval from January 2022 to October 2023, round 3,294 acres of land had been acquired by actual property builders within the nation. A considerable proportion (44.4 per cent) of those land offers had been transacted in Tier 2 and three cities, with a complete of 1,461 acres being acquired throughout 17 separate land offers, in line with the report.

In the north, builders are venturing into cities like Panipat, Sonipat, Kurukshetra, Panchkula, Lucknow, Jaipur, and Ludhiana, and within the west, cities like Nagpur, Khalapur, Surat and Palghar have attracted nationwide degree gamers.

“Panipat, Ludhiana, Nagpur and Panchkula collectively contributed to around 75 per cent of the total 1,461 acres of acquired land,” it stated.

Out of the overall 3,294 acres of land acquired through the previous 22 months, 91.6 per cent (or 1,339 acres) is for proposed residential developments, with a majority being deliberate as plotted residential developments/models.

“Developers are primarily focusing on low-rise and plotted developments in these cities as the locals are accustomed to living in these types of formats. In fact, around 1,015 acres have been earmarked for plotted developments and valued at over Rs 3,163 crore,” JLL stated.

Samantak Das, chief economist and head (analysis) and REIS-India, JLL, stated, “Strategic land acquisitions by real estate developers in Tier 2 and 3 cities to enter new markets and leverage the rising demand for quality projects is on the rise. The trend of launching plotted developments and low-rise apartments is specifically prevalent in these cities.”

He stated that within the final 22 months, these land transactions for proposed plotted developments had been locked with a worth of over Rs 3,163 crore. The launch of recent residential tasks is predicted to strengthen additional by new land acquisitions in strategic areas and development corridors.

Recently, DLF’s first mission in Panipat offered out inside an hour of its launch; Godrej Properties was capable of promote section 1 of its plotted improvement mission in Sonipat inside 2 days of its launch.

Prominent builders like Godrej Properties, M3M, Eldeco Group and Omaxe Group have additionally entered or expanded in these rising markets with latest land acquisitions.