The real estate is unfolding new areas of business as it matures into a full-blown organized industry. With developers on a massive land acquisition search across the country for their projects, acquiring land from local farmers or owners is a major challenge for them. Even the state governments find this to be the most ticklish of issues.
However local landlords are coming to the rescue of these developers. In a position to wield more power with landowners and farmers in their area, the bigger landlords are mopping up land in their vicinity and selling it off to the developers who are not familiar with the territory. Such landbankers, as they are known, even decide which developer will enter a particular territory.
This arrangement has both parties happy. Landbankers are paid a hefty fee for the brokerage, while developers find it easier to deal with a single dealer rather than with a host of suspicious and reluctant owners.
Landbanking has acquired a formal status, with organized players entering the stage. Zoom Developers, the Badarwals, Deepvijai promoters and A.K.Constructions in Northern India hold properties running into hundreds of acres for sale to builders.