The real estate sector saw a growth in land deals in 2024, with transactions exceeding 2,200 acres from around 1,900 acres in the previous year, with Delhi-NCR taking the lead.
According to data from CBRE, land deal volumes surged 48 percent during the year across the top eight cities. Deal volume in the eight cities rose to 2,000 acres from 1,350 acres in 2023.
The significant growth in land deals across diverse asset classes highlights strong investor confidence in India's real estate market, said Anshuman Magazine, chairman and CEO-India, South-East Asia, Middle East & Africa, CBRE.
Nearly 135 big land deals were closed in 2024 in the country against 90 in the previous year, the data shows.
These transactions are primarily concentrated in major metropolitan areas such as Delhi-NCR, Bengaluru, Mumbai, Chennai, Hyderabad, Kolkata and Pune.
Delhi-NCR micro-market led the chart with over 40 land deals, with Gurugram accounting for more than 60 percent, followed by Noida and Greater Noida with a 25 percent share of NCR deals.
Bengaluru recorded nearly 30 land transactions, followed by Mumbai and Chennai, which accounted for around 25 and 15 deals, respectively.
The uptick in activity across regions can be attributed to growing demand for residential projects, strong economic performance and supportive policy measures.
Housing projects in the lead
Data shows that deals in residential or housing projects — approximately 1,190 acres — accounted for more than 60 percent of the volume and saw a 70 percent increase from 2023.
Data centres contributed 10 percent to the transaction volume share at around 200 acres, reflecting strong investor interest.
Around 580 acres were for industrial & warehousing parks, demonstrating consistent growth due to rising demand for warehousing and manufacturing spaces.
Other segments such as mixed-use and hospitals accounted for 15 percent of the volume, showcasing diversification in asset preferences.
Both retail and office segments contributed 5 percent each, driven by the growing demand for modern workspaces and evolving market dynamics in these sectors.
“The residential segment is booming due to rising urbanisation, favourable policies, and increased affordability,” Magazine said. Simultaneously, the growth in data centres and office spaces underscores India's role as a hub for digital and corporate infrastructure. This momentum positions India as a leading market for real estate investments in 2024, he said.
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