The realty market has seen a whopping Rs 1050 crore worth of land deals in 2021. While the city has been seeing growth across asset classes, there have been two mega land deals for residential development for a total of Rs 78 acres worth Rs 1050 crore in 2021 as the calendar year comes to an end.
According to a top official from Anarock, two separate deals over 78 acres of land meant for large-scale residential development projects took place in Narsingi (ORR) and Shamshabad, respectively. Rajapushpa Properties bought a 25-acre land parcel in Narsingi, which comes under western Hyderabad, for Rs 800 crore for a residential project. This is being touted as the city’s largest land deal. Another land parcel of 53 acres was lapped up by IRA Realty Tech in April this year in Shamshabad for Rs 250 crore from some richie-rich landowners.
About 28 land deals for over 1205 acres took place between Q3 2020 and November 2021 for residential development in the top seven cities in India, including Hyderabad. While 7-8 months prior to COVID-19 saw limited deals as the real estate industry was grappling with liquidity issues at the time, for about a year, developers either serviced their debts or complete previously-launched projects.
However, deals started happening post-Q3 as many landowners who owned prime land pockets started putting them up for sale. And many developers with financial prowess saw this as an opportune time to invest in key micro-markets across the top seven Indian cities, including Hyderabad that showed continued growth momentum.
In fact, IRA Realty is now gearing up to capitalize on the massive demand for plotted development residential spaces in Shamshabad, where land parcels are scarce and come with a premium price tag. Their Rs 250-crore transaction is likely to fetch them Rs 1000 crore when the property is fully developed.