100 land deals in first 9 months of 2024, Delhi NCR leads with 32% share

According to the report, land deal volume in India surged by 65% Y-o-Y, reaching 1,700 acres dominated by 6 major Indian cities (Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune) in Jan-Sep'24

Land deal activity in India has surged 65 per cent  year-on-year reaching approximately 1,700 acres across six major cities, with the Delhi-NCR region leading the way, as per an analysis by real estate consulting firm CBRE.

During the January-September 2024 period, over 100 land deals were closed, up from over 60 deals during the same period last year.  These deals were dominated by six major Indian cities (Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune).

The report revealed that the Delhi-NCR region accounted for around 32% of all land deals, with Gurgaon alone making up  65% of the total deal volume. Noida and Greater Noida followed with over 20%. Other notable cities contributing to land deals include Bengaluru at 22%, Mumbai at 12%, and Chennai at 10%. Together, these four cities represent a combined share of 75% of the overall land deal volumes.

These are the top deals of the year

The report indicates that the land activity was diverse, with Residential assets taking the lead by accounting for 61% of the deal volume, which spans over 870 acres—a 50% increase from the previous year. Following residential investments, the Industrial & Logistics (I&L) segment contributed 13%, covering 525 acres, showing a 5% growth from Jan-Sep 2023.

Emerging asset classes such as Data Centers also gained traction, comprising 6% of the overall deal volume with more than 140 acres acquired. The Office segment grew significantly as well, representing 8% of the total transactions over 20 acres, up from just 3% last year.

 The Office segment also saw growth, recording 8% of the total number of land transactions spanning over 20 acres, up from a share of 3% (around 14 acres) last year. Retail and Hospital assets each represented 2% and 5% of the deals in Jan- Sep’24, with Retail covering over 20 acres and Hospitals covering more than 11 acres, reflecting diversification in asset preferences compared to last year, where Retail stood at 3% (around 30 acres) and Hospitals at 2% (2 acres).

 “The increased land deal activity across diverse asset classes reflects a robust investor sentiment and the evolving dynamics of the Indian real estate market. As we witness strong growth in both established segments including Residential, office and emerging categories such as Data Centers, indicates that investors are increasingly confident in the long-term potential of India’s real estate sector. This optimism positions India as a strategic market for real estate investments," said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.

Key highlights:

• During this period, over 100 land deals were closed, up from over 60 deals during the same period last year.  
•  In Jan-Sep ’24, Delhi-NCR led land deal activity with approximately 32% share, with Gurgaon accounting for the highest land deal share at 65% and Noida/Greater Noida at 20%.
• For the Jan- Sep’24 period, land activity was spread across a diverse range of segments, with Residential assets taking the lead, accounting for 61% of the deal volume spanning over 870 acres, translating into a 50% increase when compared to the first nine months of  2023