The boom in the business for the real estate industry is still on the rise right after the pandemic. People from all walks of life came to realize the necessity of having a dream home or in terms of the external environment, a safe space. The interesting thing that happened in the real estate sector was that along with metropolitan cities or Tier – I cities, the business of buying properties was soaring in number in Tier – II & Tier – III cities. Real estate was the most valued commodity in small towns at the challenging time of COVID – 19. There was an uptick of 62% more land deals compared to last year.
There was a monumental growth in the purchase of residential and commercial spaces. Businesses in real estate for developing new spaces for living doubled their business with 100% growth when we compare the data to January, last year. According to the latest data released by Real Estate Research Company ANAROCK Property Consultants, apart from the six major big cities in India the land deals, land deals in tier two and tier three cities showed visible increment. The data showcased the fact that mega real estate developers signed and finalized the 28 land deals for the area of 1,237 acres in the year 2022. In contrast to this year, only 14 land deals were inked amassing the area of 763 acres in the January to June period in 2021. The developments in these deals for 2022 have a fair share of all types of spaces. 18 deals were signed for 351 acres of land projected to be used for the development of residential spaces. At least 3 deals are signed for the construction of the Data Centre, and 63 acres of land have been allotted for the development of Logistics and Warehousing structures.
The further details on the land allotment for specific purposes are a step towards better use of spaces. It is reported that four deals are signed for the mixed-use of land i.e., residential cum commercial in the area of 108 acres. Hyderabad became the front runner in the domain of real estate development this year. It allotted 715 acres of land for the development under 5 deals. This contract will allow 600 acres of this land to be used for multi-utilitarian purposes under a single deal.
In the case of Tier II & III cities, Nagpur bagged the deals for 78 acres while Sonipat signed one deal having more than 50 acres of land.The big players in real estate had a profitable time in the sector after the pandemic. The majority of the land was purchased by the residential space developers such as Godrej Properties, Oberoi Realty, Mahindra Life spaces, Birla Estates, and other players like Hetro Group (600 acres for 350 crores), Microsoft (41 acres for 164 Crores), and Maple Tree Logistics are among the land buyers for other purposes. The land for major residential purposes in big cities is bought as follows, In Gurgaon, Allen Group acquired 40 acres of land in 580 Crores for mixed-use.
Keeping this development in the Real Estate Sector, Agrawal Construction Co. has developed various residential and commercial projects for the people. In Bhopal, a total of nearly 100 acres of land is being developed. Keeping in mind the importance of comfortable living spaces our project SAGE Sun City and SAGE Golden Spring has been at the forefront with 13.75 acres dedicated for residential properties and 11.66 Acres dedicated for mixed-use properties. For high-end luxurious living, SAGE Heritage Project is developed on 10 acres of land. We have developed Sagar High Street exclusively for commercial purposes on 1.92 acres. Keeping in mind the pandemic scenario we have developed a state-of-the-art architecture for medical utility. Apollo SAGE Hospital is the new venture assisting in providing the best healthcare facility in the city of lakes.