Mumbai, 21 April 2024:Â 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.
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Top Land Deals Across Cities |
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| 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
