Land Grab: Major Cities Drive 65% Surge in India

22 Oct 2024 , 01:21 PM

Property developers have been more active in purchasing land parcels as a result of the revival of the Indian residential real estate market.

A real estate consulting business called CBRE South Asia said that between January and September 2024, the number of land transactions increased by a noteworthy 65% year over year, with the sale of over 1700 acres of land in both urban and rural areas. Major Indian cities including Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune were most affected by this surge.

Over 100 land deals were concluded during this time, a significant increase over the roughly 60 agreements that were closed during the same period last year. Notably, the majority of these transactions involved residential real estate, the report stated.

According to the research, the Delhi-NCR area became the market leader in land transactions between January and September of this year, accounting for almost 32% of all transactions. At 65%, Gurgaon had the largest percentage of land deals in the area.

Noida and Greater Noida came in second and third, respectively, at 20%. In addition, the market shares of Bengaluru, Mumbai, and Chennai were 22%, 12%, and 10%, respectively. Between January and September of 2024, these four cities accounted for 75% of all land deal volumes.

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