- In contrast, 88 land deals for approx. 1,886 acres were closed in FY-23
- In FY-24, over 83 land deals for 1,135+ acres closed in top 7 cities alone, remaining 18 deals over 1,853+ acres in tier 2 & 3 cities incl. Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat
- Among the top cities, NCR clocked maximum 29 land deals for 313+ acres, followed by MMR with 19 land deals for approx. 157+ acres
- Of total land deals in FY-24, approx. 80 separate deals for approx. 2,252 acres proposed for residential, plotted development & township projects
- At least 4 land deals for over 42 acres planned for commercial and retail projects
- Approx. 79 acres in 4 separate deals for mixed-use development; approx. 164 acres in 5 separate deals for industrial, IT & logistics parks
The residential segment continues to drive the Indian real estate market, which also reflects in the land deals it is generating. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land. Other than residential, commercial, retail, industrial and logistics & warehousing are also driving prime land deals in key locations across India.
ANAROCK data indicates that various developers and entities sealed approx. 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country. In contrast, FY-2022-23 saw 88 land deals for approx. 1,886 acres closed across various cities.
“Interestingly, out of the total land deals in FY-24, over 83 deals for about 1,135 acres were closed in the top 7 cities alone”, says Anuj Puri, Chairman – ANAROCK Group. “The remaining 18 deals, accounting for over 1,853 acres, were sealed in various tier 2 and 3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Tier 2 & 3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities.”
Among land deals in the top 7 cities, NCR topped out with 29 deals for 313+ acres, followed by MMR with 19 deals for approx. 157+ acres. Notably, in terms of total land area, Bengaluru saw 14 deals for 490+ acres transacted – the highest among all top 7 cities.
The number of deals in FY 2024 has risen significantly – from 88 deals for 1,886+ acres in FY23 to approx. 101 deals for 2,989+ acres in the current financial year. In terms of total area, around 58% more land has been purchased in the FY 2024 as compared to FY 23.
“At approx. 4.93 lakh units, residential sales across the top 7 cities have created a new peak in FY2024,” adds Puri. “In particular, large and listed developers have seen very high sales, and it makes sense for them to buy land across prominent urban micro-markets. Resultantly, the previous financial year saw some very prominent land deals taking place.”
Proposed Developments
- Of the total land deals in FY-24, around 80 separate deals for approx. 2,252 acres are for proposed residential, plotted development & township projects. In the residential category, deals were closed in Pune, Bengaluru, MMR, Hyderabad, NCR, Chennai, Mysuru, Ayodhya, and Jaipur.
- Deals for proposed plotted development projects were sealed in cities like Sonipat, Nagpur, Surat and Ahmedabad, while township projects are slated in Ahmedabad, Bengaluru, Thane, Ludhiana and Ghaziabad.
- Commercial and retail together saw 4 separate deals for over 42 acres closed. Of these, 3 were for commercial developments – one each in Gurugram, Noida and Mumbai – and one retail deal was closed in Thane.
- At least 79 acres in 4 separate deals have been earmarked for mixed-use developments in cities including Pune, Mumbai and Ludhiana.
- Approx. 164 acres in 5 separate deals were closed for industrial, IT park, and logistics park in Gujarat, Chennai, Navi Mumbai, Nagpur, and Cuttack.
Proposed Developments |
Area (acres) |
No. of Deals |
City |
Commercial |
31 |
3 |
Gurugram, Noida & Mumbai |
Industrial |
38 |
1 |
Gujarat |
IT Park |
11 |
2 |
Chennai & Navi Mumbai |
Logistic Park |
115 |
2 |
Nagpur & Cuttack |
Manufacturing |
411.75 |
3 |
Bengaluru, Gujarat & Andhra Pradesh |
Mixed-Use |
79 |
4 |
Pune, Mumbai & Ludhiana |
Plotted Development |
481.5 |
4 |
Sonipat, Nagpur, Surat & Ahmedabad |
Residential |
606.13 |
70 |
Pune, Bengaluru, MMR, Hyderabad, NCR, Chennai, Mysuru, Ayodhya, Jaipur, |
Retail |
11 |
1 |
Thane |
Township Project |
1164.33 |
6 |
Ahmedabad, Bengaluru, Thane, Ludhiana & Ghaziabad |
Educational |
8.61 |
1 |
Gurugram |
Not yet Decided |
31.52 |
4 |
Kolkata, Chennai, Karnala Village (Maharashtra) |
The top developers who bought land parcels for various developments in FY24 include Godrej Properties, Eldeco Group, Adani Realty, Signature Global, Oberoi Realty, DLF India, Prestige Group, K Raheja Corp, and Brigade Group, among others.
Top Land Deals Across Cities |
||||
Deal in Quarter |
Buyer |
City |
Approx. Size (in Acres) |
Proposed Development |
Q1-FY2024 |
ESR India |
Sanand (Gujarat) |
38 |
Industrial |
Q1-FY2024 |
Birla Estates |
Bengaluru |
28.6 |
Residential |
Q1-FY2024 |
Foxconn |
Bengaluru |
300 |
Manufacturing |
Q1-FY2024 |
K Raheja Corp |
Mumbai |
4 |
Residential |
Q2-FY2024 |
Prestige Group |
Mumbai |
2.3 |
Residential |
Q2-FY2024 |
Godrej Properties |
Gurgaon |
7.91 |
Residential |
Q2-FY2024 |
Arvind Smartspace |
Ahmedabad |
204 |
Township Project |
Q2-FY2024 |
UK's Malhotra group |
Ludhiana |
300 |
Township Project |
Q3-FY2024 |
Eldeco Group |
Greater Noida |
8.9 |
Residential |
Q3-FY2024 |
Greenscape IT Park |
Navi Mumbai |
4 |
IT Park |
Q3-FY2024 |
ESR India |
Nagpur |
58 |
Logistic Park |
Q3-FY2024 |
Mahindra Lifespaces |
Pune |
5.38 |
Residential |
Q4-FY2024 |
DLF Homes Developers |
Gurgaon |
29 |
Residential |
Q4-FY2024 |
Lodha |
Ayodhya |
51 |
Residential |
Q4-FY2024 |
Brigade Group |
Chennai |
16 |
Residential & Hospitality |
Q4-FY2024 |
Signature Global |
Gurgaon |
20.32 |
Residential |
Source: ANAROCK Research