Over 2700 acres were sold in 2023

Chennai: round 97 land deals for over 2700 acres meant for commercial purposes were closed in 2023, which was higher than the land deals in the previous year. Meanwhile, 71 per cent of high net-worth and ultra-high net-worth individuals expressed intent to buy real estate in the next 12-24 months.

In 2023, around 97 land deals for over 2707 acres against 82 deals for more than 2508 acres in 2022 were closed. These plots were purchased for developing projects marketed commercially, as per Anarock data.

Of 97 land deals in 2023, about 74 deals for 1,945 acres were proposed for residential development, around 565 acres for industrial and logistic parks and manufacturing, over 126 acres for mixed-use development, and 27.5 acres for commercial and IT Parks, among others.

Among the top 8 cities, Ahmedabad accounted for a land deal share of 27 per cent or 739.8 acres, Bengaluru with 16 per cent share of 424.5 acres, and Mumbai had an 11 per cent share of over 289 acres. However, Mumbai saw 25 deals, followed by NCR with 22 deals.

Meanwhile, the annual Luxury Outlook Survey by India Sotheby’s International Realty found that 71 per cent of high-net-worth individuals (HNIs) and ultra high-net-worth individuals (UHNIs) have an intent to buy real estate in the next 12-24 months. This optimistic outlook remained strong despite an almost 40 per cent rise in property prices over the last 24 months and an increase in mortgage rates.

As far as interest rates on home loans are concerned, 56 per cent of HNIs and UHNIs believe that the RBI will start reducing interest rates in 2024. The survey also reflected that 83 per cent of affluent Indians own multiple luxury properties, including commercial real estate, holiday homes, agricultural land, and farmhouses.

( Source : Deccan Chronicle )
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