Delhi NCR has emerged as the frontrunner in terms of land deals as this realty micro-market lapped up over 40 land transactions in the calendar year 2024 even as the land deals witnessed an impressive 48% year-on-year (YoY) growth across top eight cities in India during the same period.
According to data by CBRE, a real estate consultancy, the Indian real estate sector witnessed a significant jump in land transactions nationwide in the year 2024 as these deals exceeded 2,200 acres across as against around 1,900 acres in 2023.
Data showed that during calendar year 2024, as many as 135 land deals were closed as compared to 90 transactions in 2023. These land transactions primarily concentrated in major metropolitan areas such as Delhi-NCR, Bengaluru, Mumbai, Chennai, Hyderabad, Kolkata, Pune and Ahmedabad.
In terms of volume, the real estate sector clocked around 2000 acres across top eight metro cities in 2024 while it was around 1350 acres in 2023, thereby registering an increase of 48% YoY.
Delhi-NCR emerged as the frontrunner, recording approximately 40 land deals with Gurugram accounting for a significant share of over 60%, followed by Noida and Greater Noida with 25 percent share of deals in Delhi NCR.
Experts said that this surge underscores the region’s attractiveness for residential and warehousing developments.
South India’s realty hub, Bengaluru recorded nearly 30 deals, followed by Mumbai and Chennai, which contributed approximately 25 and 15 deals, respectively. This surge in land transactions across the country can be attributed to growing demand for housing projects and robust economic performance.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said that the significant growth in land deals across diverse asset classes highlights strong investor confidence in India’s real estate market.
“The residential segment is booming due to rising urbanization, favourable policies, and increased affordability. Simultaneously, the growth in data centers 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.
Asset-wise land deals
CBRE data highlighted that deals in residential projects recorded a 70% jump as compared to 2023. Housing sector contributed more than 60% of the total volume of approximately 1,190 acres.
Around 580 acres of land deal volume was recorded for Industrial & Warehousing parks, representing steady growth due to growing demand for warehousing and manufacturing spaces.
Data centers segment contributed around 10% transaction volume share — around 200 acres — reflecting robust investor interest.
Segments such as mixed-use and hospitals accounted for nearly 15% of the total volume. Showcasing the growing demand for modern workspaces and growing market dynamics, retail and office segments each contributed 5% share.
