HYDERABAD: The city walked away with the lion's share of land deals this year - between January and now - with 715 acres of the over 1,237 acres transacted across major Indian cities, coming its way.
Propelling Hyderabad to the top of the charts with a 59% share in the national pie was a 600-acre single deal worth Rs 350 crore (approx) signed by a pharmaceutical major, stated a report released by Anarock Group on Thursday.
The other locations that saw significant land transactions in the first half of 2022 are: Gurgaon, Pune, Ahmedabad, Thane, Faridabad – most of them for residential development.
According to the real estate services firm's report, the large land parcel was bought by pharma major Hetero Group in Shamshabad. That apart, Hyderabad reported four other deals, sealed by tech giant Microsoft (for its data centre) and city-based Ashoka Builders (for residential venture). Collectively, the two picked up 125 acres worth Rs 511 crore.
About Hetero deal, Anuj Puri, chairman of Anarock Group said despite the size of the land it's cost is lower than many transactions, owing to its location – Shamshabad.
"Given that the location is far from the city centre, the deal seems rather inexpensive. But overall, prices in Hyderabad are fairly affordable than most top cities and with robust demand coming in from across sectors (residential, commercial, etc.) in the city, it is sure to lead to the closure of several deals," he said.
The report highlighted how overall land deals doubled in the first half of 2022, when compared to the first half of 2021 - from 14 to 28. "And there's more than a month to go for the half-year mark. As expected, residential development remains the prime focus, given the robust housing demand that has lost little of its steam despite interest rate and property price hikes," Puri said.
