Land deals across Indian cities grow by 14% in FY24, Delhi-NCR tops the chart: Anarock

Land deals across Indian cities grow by 14% in FY24, Delhi-NCR tops the chart

As many as 14 percent more land deals were clocked by developers across the country in FY 2023-24 in comparison to FY 2022-23 even as the area closed in these land deals grew by 58 percent in the corresponding period, according to data by Anarock, a real estate consultancy firm.

The data showed that more than 101 land deals for approximately 2,989 acres were closed in FY24 across Indian cities while in FY23, only 88 deals were sealed for 1,886 acres. Among the top cities, Delhi-NCR clocked maximum 29 land deals for over 313 acres, followed by Mumbai Metropolitan Region (MMR) with 19 land deals for approximately 157 acres.

In terms of total land area, Bengaluru saw 14 deals for 490 acres transacted - the highest among all top seven cities, which include Delhi NCR, MMR, Bengaluru, Chennai, Hyderabad, Kolkata and Pune.

The real estate consultant said that developers such as Macrotech Developers, Prestige Group, DLF, Godrej Properties, Brigade Group, Eldeco, Mahindra Lifespace, Signature Global, Birla Estates among others, acquired land parcels in different cities during the last fiscal.

"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. 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 and 3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities," said Anuj Puri, Chairman, ANAROCK Group.

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 NCR, Chennai, Pune, Bengaluru, MMR, Hyderabad, Mysuru, Ayodhya, and Jaipur, according to Anarock.

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.

Similarly, 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 cities including Pune, Mumbai and Ludhiana. Approximately 164 acres in five separate deals were closed for industrial, IT park, and logistics park in Gujarat, Chennai, Navi Mumbai, Nagpur, and Cuttack.