• 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.

 

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“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 residentialplotted 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