Jan-Sep’24 Land deal Volume Up 65% Y-o-Y: CBRE

New Delhi / October 22, 2024: Real estate consulting firm CBRE South Asia Pvt. Ltd. released a report on land deals in India. The report found that land deal volume increased by 65% year-over-year to 1,700 acres during the first nine months of 2024. Six major Indian cities accounted for most of the deals. CBRE said that over 100 land deals were closed during this period, compared to 60 deals in the same period last year, CBRE said in a statement. 

During the first nine months of 2024, Delhi-NCR accounted for 32% of all land deals in India. Gurgaon had the highest share of land deals in Delhi-NCR, followed by Noida/Greater Noida. The number of deals in Delhi-NCR increased by 65% compared to the same period last year. Bengaluru, Mumbai, and Chennai accounted for 22%, 12%, and 10% of land deals in India, respectively. These four cities together accounted for 75% of all land deal volumes during the first nine months of 2024, the statement added. 

During the first nine months of 2024, residential assets accounted for 61% of all land deals in India. This represents a 50% increase compared to the same period last year. Industrial and logistics (I&L) assets accounted for 13% of land deals, with a 5% increase in the area acquired compared to the previous year.

Data centers accounted for 6% of all land deals in India during the first nine months of 2024. The office segment accounted for 8% of land deals, up from 3% the previous year. Retail and hospital assets each represented 2% and 5% of land deals, respectively.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “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”.

Gaurav Kumar, Managing Director, Capital Markets and Land, CBRE India, said, “The significant increase in land deals this year highlights the strong confidence of both domestic and international investors in India’s real estate potential. The robust demand across various markets, combined with favourable economic conditions, have created an environment ripe for growth. We expect this momentum to continue, driven by strategic investments that underscore the stability and long-term growth opportunities of the market.”