The land value of the country’s top 10 real estate developers rose by 8 per cent in the September quarter from April to September 2018, according to a report by the National Land Registry.
The report, which also included a breakdown of the growth in the real estate market for the year to September, said the rise was largely attributed to higher demand in the last three months of the year as well as a surge in demand from private developers and foreign investors.
The rise in the average annual growth rate of land values was 1.7 per cent, the report said.
The land value for the top 10 developers rose to Rs 3.9 lakh crore from Rs 3 lakh crore in April 2018, the National Economic Survey said.
Real estate developers in the country have traditionally attracted investors from overseas, particularly in cities.
The top 10 land-value developers in September were:Niti Aayog, a non-profit organization that provides financial support for development, had the largest increase in land value at 7.3 per cent.
The real estate development sector, which includes hotels, residential and commercial, is among the most important sectors in the Indian economy.
The number of land parcels in the total Indian land area grew from 13.7 crore in 2014 to 15.6 crore in 2018, accounting for 1.1 per cent of the total land area.
The country’s total land value grew by 7.2 per cent over the same period.
The National Land Register said in the April-September period, land value rose by 4.4 per cent to Rs 4.5 lakh crore.