2,989 Acres of Land Closed in FY24: NCR Leads Indian Cities, According to Report
The Indian real estate industry is still primarily driven by the residential sector, as seen by the number of land sales it is producing. Even with the demand for homes at an all-time high, a number of big, publicly traded developers and other organizations kept buying up property. In addition to residential, premier land sales in strategic areas around India are also driven by commercial, retail, industrial, and transportation & warehousing uses.
According to the most recent Anarock statistics, in fiscal year 2023–2024, developers and other organizations closed on around 101 different land acquisitions, totaling almost 2,989 acres throughout the nation. By comparison, 88 land sales totaling around 1,886 acres were finalized across several cities in FY-2022–2023.
According to Anuj Puri, chairman of Anarock Group, “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.”
Over 1,853 acres of the remaining 18 agreements were finalized in tier 2 and tier 3 cities, including Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Because of their quickly developing infrastructure and business potential, Tier 2 and Tier 3 cities have once again become unstoppable growth engines.
NCR Leads in Land Purchases
NCR led the way in land transactions among the top 7 cities, with 29 agreements totaling 313+ acres, followed by MMR with 19 deals totaling around 157+ acres. Interestingly, Bengaluru had 14 acquisitions for 490+ acres transacted in total land area, the greatest number of any of the top 7 cities.
From 88 sales for 1,886+ acres in FY23 to around 101 deals for 2,989+ acres in the current fiscal year, the number of agreements in FY 2024 has increased dramatically. Approximately 58% more land was acquired in total area in FY 2024 than in FY 23.
Puri said, “Residential sales across the top 7 cities have created a new peak in FY2024 at approximately 4.93 lakh units.”
Large, publicly traded developers in particular have seen very strong sales, so it makes sense for them to purchase property in a variety of well-known urban micromarkets. As a result, several extremely significant land acquisitions were made in the prior fiscal year.
Suggested Improvements
Out of all the land sales made in FY-24, over 80 different agreements totaling about 2,252 acres are for planned residential, township, and plotted development projects. Pune, Bengaluru, MMR, Hyderabad, NCR, Chennai, Mysuru, Ayodhya, and Jaipur concluded transactions in the residential category.
In places like Sonipat, Nagpur, Surat, and Ahmedabad, agreements were reached for planned development projects, while township developments were planned in Bengaluru, Thane, Ludhiana, Ghaziabad, Bengaluru, and Ahmedabad.
Together, the commercial and retail sectors concluded four distinct agreements totaling over 42 acres. Of them, one retail transaction was signed in Thane, while three were for commercial developments—one each in Gurugram, Noida, and Mumbai.
Four distinct transactions totaling at least 79 acres have been set aside for mixed-use projects in cities like Pune, Mumbai, and Ludhiana.
An estimated 164 acres were concluded in 5 different agreements for logistics, IT, and industrial parks in Gujarat, Chennai, Navi Mumbai, Nagpur, and Cuttack.
Top developers in FY24 who purchased land lots for different projects were Brigade Group, Godrej Properties, Eldeco Group, Adani Realty, Signature Global, Oberoi Realty, DLF India, Prestige Group, and K Raheja Corp.
