101 land deals closed across India in FY24
Approximately 2,989-acre land was sold across various cities in FY24, while 88 land deals for 1,886 acres were closed in FY23
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Hyderabad: 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.
According to property consultant Anarock Group’s data, various developers and entities sealed approximately 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 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 seven cities alone", says Anuj Puri, Chairman of Anarock Group. NCR topped out with 29 deals for 313 acres, followed by MMR with 19 deals for 157 acres. In terms of land area, Bengaluru saw 14 deals for 490 acres transacted - the highest among seven cities.
"The remaining 18 deals, accounting for over 1,853 acres, were sealed in various tier-2 and tier-3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Tier-2 & tier-3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities,” he added.
“At approx. 4.93 lakh units, residential sales across the top 7 cities have created a new peak in FY2024," said 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."
Of the total land deals in FY24, around 80 separate deals for approximately 2,252 acres are for proposed residential, plotted development and township projects. In the residential category, deals were closed in Pune, Bengaluru, MMR, Hyderabad, Delhi 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 four separate deals for over 42 acres closed. Of these, three were for commercial developments - one each in Gurugram, Noida and Mumbai - and one retail deal was closed in Thane. At least 79 acres in four separate deals have been earmarked for mixed-use developments in Pune, Mumbai and Ludhiana. About 164 acres in five deals were closed for industrial, IT park, and logistics park in Gujarat, Chennai, Navi Mumbai, Nagpur and Cuttack.
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.
