Land deals up 65 pc of over 1700 acres in first nine months of 2024: CBRE report

New Delhi [India], October 22 (ANI): The land deal volumes in India rose by 65 per cent year-on-year, reaching approximately 1,700 acres during the January-September 2024 period, according to CBRE report.
The surge was largely concentrated in six major Indian cities- Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune, which collectively drove the market.
More than 100 land deals were finalized during this period, a sharp increase from over 60 deals recorded in the same time frame last year.
Delhi-NCR led the land deal activity with a 32 per cent share, with Gurgaon contributing approximately 65 per cent to the region's total volume, followed by Noida/Greater Noida at over 20 per cent.
This reflects a 65 per cent year-on-year growth in the number of deals in Delhi-NCR compared to the same period in 2023. Other prominent cities, including Bengaluru (22 per cent), Mumbai (12 per cent), and Chennai (10 per cent), also witnessed substantial activity, collectively accounting for around 75 per cent of the overall land deal volume in the first nine months of 2024.
Land activity during January-September 2024 spanned a variety of asset classes, with residential properties leading the way.
Residential assets accounted for 61 per cent of the total land deals, covering over 870 acres, which translates to a 50 per cent increase compared to the same period in 2023.
The Industrial & Logistics (I&L) segment followed, comprising 13 per cent of the transactions, spread over 525 acres, a 5 per cent increase in the area acquired compared to last year.
Data centers emerged as a growing asset class, representing 6 per cent of the total deal volume over more than 140 acres. The office segment also showed growth, accounting for 8 per cent of the land deals, spanning 20 acres, up from 3 per cent (14 acres) last year.
Retail and hospital assets accounted for 2 per cent and 5 per cent, respectively, with retail covering over 20 acres and hospitals spanning more than 11 acres.
This marks a shift in asset preferences compared to last year, when retail accounted for 3 per cent of deals (30 acres) and hospitals for 2 per cent (2 acres).
Anshuman Magazine, Chairman and CEO - India, South-East Asia, Middle East & Africa, CBRE, said,
"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 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". (ANI)