Hyderabad witnesses mega land deals worth Rs 1,050 crore in 2021
Hyderabad: Hyderabad, which has been witnessing robust growth in real estate across asset classes quarter-on-quarter, has seen two mega land deals for residential development for a total of 78 acres worth Rs 1,050 crore in 2021 so far. The two separate deals over 78 acres of land are meant for large scale residential development projects […]
Hyderabad: Hyderabad, which has been witnessing robust growth in real estate across asset classes quarter-on-quarter, has seen two mega land deals for residential development for a total of 78 acres worth Rs 1,050 crore in 2021 so far.
The two separate deals over 78 acres of land are meant for large scale residential development projects and have taken place in Narsingi (ORR) and Shamshabad, a top Anarock official told Telangana Today.
In what is touted as Hyderabad’s largest land deal, in February 2021 Rajapushpa Properties bought 25 acre land parcel in Narsingi (western Hyderabad) for Rs 800 crore for a residential project, while Hyderabad-based IRA Realty Tech in April this year bought 53 acres of land in Shamshabad for Rs 250 crore from high net-worth individuals.
According to Santhosh Kumar, vice chairman, Anarock Group, “Approximately 28 separate land deals for over 1,205 acres took place between Q3 2020 and November 2021 for residential development in the top seven cities of India including Hyderabad.”
He added, the 7-8 months period before Covid-19 (March 2020) saw limited land deals as the real estate industry was grappling with liquidity issues at the time. Then Covid-19 brought the sector to a virtual standstill for 3-4 months. For about a year, developers preferred to either service their debts or complete previously-launched projects.
However, from Q3 2020 (July-September), real estate activity resumed and several landowners who previously held fast to their land put their holdings up for sale. Resultantly, some prominent deals took place in the last one year.
Many developers with the financial wherewithal saw this period suitable to secure good land parcels in key micro-markets across the top seven cities of India including Hyderabad, which has shown continued growth momentum.
IRA Realty is gearing up to capitalise on the massive demand for premium plotted development residential spaces in Shamshabad, where land parcels are scarce and come with a premium price tag. The Rs 250-crore transaction is expected to create valuations to the tune of Rs 1,000 crore when the property is fully developed.
Also Read: Sales registrations in Hyderabad residential market grow 16% YoY: Knight Frank
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