In a year marked by surging land prices, the Mumbai Metropolitan Region (MMR) emerged as the leader in terms of total land area transacted in 2024, accounting for over 607 acres across 30 deals. This represents 24% of the total land transacted across India last year, according to a report by ANAROCK Research.
Despite rising land costs, developers and institutional buyers pursued large-scale acquisitions across the country. The National Capital Region (NCR) topped the charts for the number of land deals closed, registering 38 transactions for over 417 acres, while Bengaluru followed MMR with 26 deals for 307 acres.
Land Transactions at a Glance
India witnessed 133 land deals covering 2,515 acres in 2024, a slight dip in area from 2023, which saw 97 deals for 2,707 acres. Over the two years combined, 230 deals were closed for a total of 5,222 acres.
Residential development dominated the market in 2024, with 95 deals for approximately 1,948 acres earmarked for township projects, plotted developments, luxury villas, and one 5-star hotel. Additionally, 124 acres were designated for mixed-use projects, 175 acres for commercial spaces and data centers, and 97 acres for industrial and logistics parks.
Breakdown of Land Use in 2024
- Residential Development: 95 deals (1,948 acres)
- Industrial & Logistics Parks: 4 deals (97 acres)
- Mixed-Use Development: 5 deals (124 acres)
- Commercial/Data Centers: 12 deals (175 acres)
- Retail, Senior Living, Education & Healthcare: 78 acres in 12 deals
City-Specific Highlights
- MMR: With 30 deals for 607 acres, MMR recorded the highest transacted land area in 2024. The planned developments include residential, mixed-use, commercial, industrial, and data centers.
- NCR: The region recorded 38 deals for 417 acres. Gurugram alone saw 24 deals for 273 acres, followed by Greater Noida (9 deals, 54 acres), and Ghaziabad (1 deal, 62.5 acres).
- Bengaluru: Accounted for 307 acres across 26 deals, including 22 residential developments, 2 commercial/data center projects, and 1 senior living project.
- Hyderabad, Pune, Chennai: Together, these cities transacted over 200 acres, with developments ranging from residential to data centers and logistics parks.
- Tier 2 & 3 Cities: Notable transactions included a single deal for 300 acres in Surat and 75 acres in Varanasi. Cities like Jaipur, Ahmedabad, and Dholera also recorded significant activity.
Top Transactions of 2024
- DLF Homes Developers acquired 29 acres in Gurgaon for ₹825 crore, aimed at residential development.
- Adani Realty purchased 24 acres in Mumbai for a commercial project valued at ₹8,000 crore.
- Godrej Properties secured 62 acres in Bengaluru for a township project on a profit-sharing model.
- Microsoft acquired 48 acres in Hyderabad for a data center for ₹267 crore.
- Arvind Smartspace executed a 300-acre plotted development in Surat through a joint development agreement.
Expert Insights
“MMR and NCR continue to dominate India’s real estate market in both land area transacted and deal volumes. Developers are strategically targeting high-value assets to address demand for residential, commercial, and mixed-use developments,” said Anuj Puri, Chairman, ANAROCK Group.
Despite economic challenges, the real estate sector remains resilient, with strong demand across residential, logistics, and commercial sectors. The year 2024 demonstrated that even escalating land prices are not deterring financially robust developers from acquiring prime assets in key markets.
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