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India's land transactions surged by 47% in 2024, with over 2,000 acres involved in 135 deals across major cities like Delhi-NCR, Bengaluru, Mumbai, Chennai, and Pune, according to CBRE. The residential sector drove growth, accounting for 60% of the land volume (1,190 acres) and experiencing a 70% increase from 2023. Delhi-NCR led the market with 40 transactions, primarily in Gurugram and Noida. Other segments, including data centers, office spaces, and mixed-use developments, contributed to the diversification of asset preferences. This growth reflects rising urbanization, supportive policies, and India's positioning as a hub for real estate and digital infrastructure investment.
Land transactions in India experienced a remarkable increase in 2024, rising by approximately 47% from the previous year. According to a report from CBRE, more than 2,000 acres were involved in deals across eight cities. In total, around 135 land deals were concluded in 2024, compared to just about 90 in 2023. The majority of these deals took place in prominent cities, including Delhi-NCR, Bengaluru, Mumbai, Chennai, and Pune. Advertisement
This significant increase follows a steady rise in land transactions in the past few years. In 2023, the land deal volume increased by 27% from the previous year, with about 90 deals, compared to 70 in 2022. The surge in 2024 reflects growing investor confidence and robust demand across key urban markets.
Anshuman Magazine, Chairman and CEO for CBRE in India, Southeast Asia, the Middle East, and Africa, highlighted that the residential market is flourishing. He attributed this to factors like increased urbanization, supportive policies, and greater affordability. Additionally, the rise in demand for data centres and office spaces signals India's growing importance as a hub for digital and corporate infrastructure. This momentum positions India as one of the leading markets for real estate investments in 2024.
Delhi-NCR topped the list with around 40 land transactions, with Gurugram accounting for over 60% of the deals. Noida and Greater Noida together made up about 25% of the deals. Delhi-NCR has been a dominant player in the land market for several years. In 2023, it accounted for more than 30% of the total land deals in India, with Gurugram and Noida being primary hubs for both residential and commercial developments. Bengaluru followed with nearly 30 land deals, while Mumbai and Chennai contributed around 25 and 15 transactions, respectively.
The residential sector was the primary driver, contributing over 60% to the total land volume, which amounts to roughly 1,190 acres. This segment saw a sharp 70% increase compared to 2023. The residential sector has consistently seen growth, with 2023 alone seeing residential transactions account for about 55% of total land deals. This trend is expected to continue, supported by rising demand and affordability in key markets. Meanwhile, the retail and office sectors each contributed about 5%. Other segments like mixed-use developments and healthcare facilities, which made up around 15% of the total land volume, indicate a diversification in asset preferences across the market. Notably, the office and retail sectors, though slower in growth in recent years, are regaining momentum in 2024, driven by demand for digital infrastructure and corporate space.
The land market in India has shown impressive growth in 2024, with residential property leading the charge. As urbanization continues and policies become more supportive, the demand for land in key cities is expected to remain strong. With increasing interest in data centers and office spaces, India is emerging as a major player in global real estate investment. The ongoing diversification of asset types also suggests a dynamic and evolving market. This continued growth, following steady increases in previous years, positions India as a key destination for real estate investments in the coming years.
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