India's national capital region led in the number of land deals closed among all cities as financially strong developers and other entities continued to acquire land in 2024 despite escalating land prices. Data analysed by real estate consultancy firm found that NCR saw at least 38 land deals for 417+ acres closed in 2024. In 2023, the region saw 22 land deals for 190+ acres. Notably, NCR was at the forefront of real estate activity in 2024.
“In total, there were at least 133 separate land deals for over 2,515 acres closed in 2024 across the country. Backed by strong Pan India residential sales momentum, at least 77% of the total land area acquired in 2024 is earmarked for various residential developments. In 2023, 2707+ acres in about 97 land deals changed hands across the country. The last two years saw at least 230 land deals for a whopping 5,222+ acres," said Anuj Puri, Chairman – ANAROCK Group.
Land Deals in 2024
- Of 133 land deals closed in 2024, 95 deals for approx. 1,948 acres are proposed for residential development across tier 1, 2 and 3 cities
- 97+ acres in 4 separate deals are earmarked for Industrial & Logistic Parks
- 5 deals for 124+ acres are for mixed-use developments
- 12 deals for approx. 175 acres are for commercial spaces and data centres
- 78+ acres in 12 separate deals are earmarked for retail, education & healthcare, agriculture, senior living, and other asset classes
- Development purpose for 5 deals spanning approx. 93 acres is still undecided
City-wise Breakup
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“NCR and MMR remained the prime focal points for land acquisition in 2024,” added Puri. “While NCR led in deal numbers - 38 deals for over 417 acres - in 2024, MMR saw the highest land volumes transacted with over 607 acres in 30 deals. Land prices in both the regions have skyrocketed over the last few years, but this has not deterred developers from zeroing in one prime assets in these regions.”
MMR saw the highest land area transacted - 607+ acres in 30 separate deals - and accounted for over 24% of the total land transacted in 2024. The planned developments include residential, commercial, education & healthcare, villaments and plotted developments, mixed-use, industrial and data centers.
NCR saw the highest number of deals (38) for approx. 417 acres, earmarked largely for residential (31), 3 deals for commercial projects, 2 for Industrial & Logistics Parks, and 1 deal each for agricultural and educational developments. City-wise, there were 24 deals - 273.04 acres in Gurugram, 9 deals for a total of 53.73 acres in Greater Noida, 2 deals for 18.88 acres in Delhi, two deals for 8.96 acres in Noida, and 1 deal for 62.5 acres in Ghaziabad.
Bengaluru sealed 26 separate deals accounting for a 12% share of the total land area transacted in 2024, with 307+ acres changing hands – 22 deals for various residential developments, 2 for commercial and data center development, and 1 deal for a senior living project. The purpose for one deal remains undecided.
Hyderabad saw 4 separate deals for 67.1+ acres earmarked for residential and data center developments.
Pune saw 8 separate deals for 63.22+ acres proposed for residential, mixed-use and data center developments.
Chennai saw 7 deals for 69.07 acres proposed for retail, commercial, Logistic Park and residential developments.
Kolkata saw 1 deal for 53 acres closed for residential development.
Tier 2 & 3 cities together saw at least 16 land deals for 930+ acres closed in 2024. The proposed developments include residential (including plotted developments), mixed-use projects, retail, data center, and senior living.
Top Land Deals in India - 2024
Q1 2024:
- DLF Homes Developers: Acquired 29 acres in Gurgaon for Rs 825 crore (Residential).
- Arvind Smartspace: Secured 300 acres in Surat for Plotted Development (JDA).
- Adani Realty: Purchased 24 acres in Mumbai for Rs 8000 crore (Commercial).
- Godrej Properties: Bought 62 acres in Bengaluru for Township Project (Profit-sharing).
- Prestige Group: Acquired 62.5 acres in Ghaziabad for Rs 468 crore (Township Project).
Q2 2024
- Sumadhura Group: Purchased 40 acres in Bengaluru for Rs 800 crore (Residential).
- Signature Global: Bought 14.65 acres in Gurgaon for Rs 350 crore (Residential).
- Microsoft: Acquired 48 acres in Hyderabad for Rs 267 crore (Data Center).
- ESR India: Purchased 27 acres in Chennai for Rs 276 crore (Logistics Park).
Q3 2024:
- Keystones Realtors: Acquired 88 acres in Thane for Rs 91 crore (Plotted Development).
- JMS Group: Secured 6.5 acres in Gurgaon for Rs 300 crore (Residential).
- Astrea (Phoenix Mills): Bought 9.03 acres in Coimbatore for Rs 370.17 crore (Retail).
- Century Real Estate (Aditya Birla Real Estate): Purchased 10 acres in Mumbai for Rs 1100 crore (Residential).
Q4 2024:
- AAIJI Group: Acquired 50 acres in Dholera, Gujarat for INR 70 crore (Luxury Villas).
- Mahindra Life Spaces: Secured 37 acres in Mumbai for Mixed-Use Development (JDA).
- Macrotech Developers (Lodha): Purchased 45 acres in Sohna, Gurgaon for Rs 110 crore (Industrial & Logistics Park).
- House of Abhinandan Lodha (HoABL): Acquired 75 acres in Varanasi for Rs 250 crore (Plotted Development).