Mumbai, May 14
WITH RESIDENTIAL PROPERTIES selling in big numbers, the demand for land parcels has shot up, sending prices up by as much as 200% in some markets. Such a rush, say experts, has been seen only for the second time in the last couple of decades.
Research from Anarock shows that close to 87 deals were sealed last fiscal across 1,862 acres. In contrast, FY22 saw 44 deals, accounting for about 1,649 acres across various cities.
Deals for land parcels today are getting closed within a week or so as compared to six to seven months earlier, consultants involved in these transactions, said.
Mayank Saksena, MD (land services), Anarock Property Consultants, observed that while pre-pandemic, builders were in no hurry to buy land, today, land deals were getting closed within a week.
"Every good deal has a handful of serious buyers who know there is not much time. The waiting period involving technical due diligence, negotiations, comfort between the parties and so on is about a week "Saksena said.
Abhishek Kapoor, CEO of Bengaluru-based Puravanakara pointed out that at the end of the day, it is about replacing the land inventory.
"Since sales have gone up, especially for the organised players, far quicker replenishment of land inventory is bound to happen," Kapoor said.
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Denne historien er fra May 15, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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