Land deals surge by 48% in 2024, with Delhi-NCR taking the lead

Over 40 land deals were recorded in the Delhi-NCR micro-market, with Gurugram contributing to 60% of the transactions, followed by Noida and Greater Noida.

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The real estate sector experienced significant growth in land deals in 2024, with transaction volumes surpassing 2,200 acres, up from approximately 1,900 acres in the previous year, led by Delhi-NCR. According to CBRE data, land deal volumes across the top eight cities surged by 48% during the year. Specifically, deal volume rose to 2,000 acres in these cities, compared to 1,350 acres in 2023.

“The robust growth in land deals across various asset classes demonstrates strong investor confidence in India’s real estate market,” said Anshuman Magazine, Chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa.

India witnessed nearly 135 major land transactions in 2024, a significant increase from 90 deals the previous year. These deals were primarily concentrated in key metropolitan areas, including Delhi-NCR, Bengaluru, Mumbai, Chennai, Hyderabad, Kolkata, and Pune.

Delhi-NCR led the charts with over 40 land deals, with Gurugram accounting for over 60% of these transactions, followed by Noida and Greater Noida, which collectively contributed 25% of the region’s total deals.

Bengaluru reported approximately 30 land transactions, while Mumbai and Chennai recorded 25 and 15 deals, respectively.

The increase in activity across regions can be attributed to growing demand for residential projects, a strong economic outlook, and supportive government policies.

Residential or housing projects dominated the market, accounting for more than 60% of the total transaction volume, equivalent to approximately 1,190 acres — a 70% increase from 2023.

Data centers contributed around 200 acres or 10% of the transaction volume, reflecting heightened investor interest in this segment.

Industrial and warehousing parks covered approximately 580 acres, highlighting continued demand for manufacturing and storage spaces.

Mixed-use developments and hospitals together accounted for 15% of the volume, demonstrating a diversification in investment preferences. Meanwhile, retail and office spaces each contributed 5% of the total, driven by the evolving market needs for modern workspaces and shopping experiences.

“The residential segment is flourishing due to rising urbanization, favorable policies, and increased affordability,” Magazine noted. He further highlighted that the growth of data centers and office spaces underscores India’s emergence as a global hub for digital and corporate infrastructure. This momentum positions India as a leading destination for real estate investments in 2024.