Real Estate Magazine

101+ Land Deals for Approx. 2,989 Acres Closed in FY-24 Across Indian Cities

Mumbai, 21 April 2024: 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 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

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