Developers snap up 58% more land in FY24 amid rising residential demand
land deals in 2023-24, cumulatively accounting for nearly 2,989 acres across the country, as residential segment continues to drive the Indian real estate market. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land. Other than residential, commercial, retail, industrial and logistics & warehousing are also driving prime land deals in key locations across India.
«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», said Anuj Puri, chairman, Anarock group.
During 2022-23 88 land deals for approximately 1,886 acres were closed across various cities.
«The remaining 18 deals, accounting for over 1,853 acres, were sealed in various tier 2 and 3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat. Tier 2 & 3 cities have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportunities,” said Puri.
Among land deals in the top 7 cities, NCR topped out with 29 deals for 313 acres, followed by MMR with 19 deals for approximately 157 acres. In terms of total land area, Bengaluru saw 14 deals for 490 acres transacted — the highest among all top 7 cities.
»Land deals in the National Capital Region (NCR) have peaked due to urbanization, infrastructure development, and investment opportunities driving demand for land. Future developments and potential returns on investment are high contributors to the
