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In the first nine months of 2024, India's land sale volume surged by 65%, hitting 1,700 acres in six major cities: Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune. According to CBRE South Asia, more than 100 land deals were completed, up from 60 in the same period in 2023. Delhi-NCR topped the activity, accounting for 32% of the trades, followed by Bengaluru, Mumbai, and Chennai. The increase in land transactions indicates increased investor confidence in India's real estate market, which is driven by demand in residential, office, and developing sectors such as data centres, making the country a major market for long-term investments.
In the first nine months of 2024, India's land transaction volume climbed by 65% over the same time in 2023, totaling 1,700 acres. According to a CBRE South Asia analysis, the majority of this rise occurred in six important cities: Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune. Over 100 land transactions were conducted during this period, up from 60 the previous year. Delhi-NCR dominated the activity, accounting for 32% of all land transactions, with Gurugram accounting for 65% and Noida and Greater Noida contributing 20%. Bengaluru, Mumbai, and Chennai followed with 22%, 12%, and 10%, respectively. Advertisement
Anshuman Magazine, chairman and CEO of CBRE India, South-East Asia, Middle East, and Africa, pointed out that the surge reflects growing confidence in India's real estate market. Established sectors such as residential and office spaces, as well as emerging categories like data centres, continue to drive demand, positioning India as a strategic investment destination for real estate.
In terms of regional contributions, Delhi-NCR saw a strong presence, particularly Gurugram, which claimed the lion's share of the deals. The region's accessibility, infrastructure growth, and proximity to the capital make it a preferred investment zone. Noida and Greater Noida also recorded significant activity, making up 20% of Delhi-NCR's land deals.
Bengaluru ranked as the second-most active city, accounting for 22% of the overall land transaction volume. The city remains a major participant in real estate, thanks to its tech-driven economy and high demand for business and residential premises. Mumbai and Chennai followed closely, with 12% and 10% shares, respectively, owing to rising commercial zones and infrastructure investments.
This rise in land deal activity has been attributed to a variety of factors, including increased investor confidence in India's long-term growth potential. Residential projects continue to thrive, but new trends such as the development of data centres are playing a crucial role in boosting land acquisitions. Developers are increasingly recognising the importance of digital infrastructure, as data consumption in India continues to grow rapidly.
Furthermore, with continued government attempts to improve infrastructure and encourage urban development, the market is projected to remain appealing to both domestic and foreign investors. The real estate industry's recovery from prior economic downturns, together with the government's emphasis on urbanisation, has laid a solid platform for future growth.
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