India’s Record-Breaking Real Estate Deals of 2024

India’s Record-Breaking Real Estate Deals of 2024

The year 2024 witnessed groundbreaking milestones in India's real estate landscape, with remarkable deals reshaping the industry across residential, commercial, retail, and warehousing sectors. According to CRE Matrix’s annual Best of the Best 2024 report, the year saw record-setting transactions, significant growth in office leasing, and a surge in mega projects, solidifying India’s real estate market as a powerhouse of opportunities.

Residential Real Estate: Most Expensive Home Deal

In a defining moment, the promoters of Metro Group purchased a luxurious residence in the iconic Palais Royale in Worli, Mumbai, for an astounding ₹405 crore. This transaction, covering a carpet area of 38,390 sq. ft., marked a 31% increase compared to 2023’s most expensive residential deal. Such high-value transactions underscore the growing demand for ultra-luxury properties in India’s financial capital.

Commercial Real Estate: Unprecedented Growth

Office Leasing Reaches New Heights

Amazon sealed the largest office leasing deal of the year by acquiring 1.1 million sq. ft. at Sattva Horizon in Yelahanka, Bengaluru, at ₹65 per sq. ft., marking a 75% jump over 2023’s largest lease. Meanwhile, Oberoi Realty’s Commerz III added 2.32 million sq. ft. of office space in Goregaon, Mumbai, driving a 42% surge in leasable area.

Costliest Office Purchase

In Mumbai’s Tardeo, AAA Holding Trust sold office space to Ivory Property Trust at ₹1,50,397 per sq. ft. for a total area of 11,399 sq. ft., reflecting a 52% rise over last year’s most expensive office sale.

Co-Working Excellence

Optiver India Securities leased the most expensive co-working space at BKC, Mumbai, for ₹1,211 per sq. ft., marking a 74% increase compared to 2023.

Land and Redevelopment: Mega Projects Galore

The Dharavi Redevelopment Project, covering 430 acres, emerged as the largest joint development deal of the year, with Adani Properties winning the bid at ₹5,069 crore. Additionally, Century Textiles & Industries concluded the highest-priced land deal, selling 10 acres in Lower Parel, Mumbai, to Nusli Neville Wadia for ₹1,100 crore.

Retail Sector Highlights

Most Expensive Retail Lease

Sunglass Hut leased 414 sq. ft. in DLF Galleria, Gurugram, at ₹1,812 per sq. ft., setting a new benchmark for retail rentals.

Largest Mall Construction

The M5 ECity Mall in Bengaluru, spanning 6,80,000 sq. ft., became the largest retail space built in 2024, catering to the city’s growing demand for premium shopping destinations.

Loan Milestones: A Financial Leap

Biggest Loan Sanction

Brookfield secured a record-breaking loan of ₹11,000 crore at 8.38% interest, with a 30-year tenure, reflecting a 57% increase over 2023’s largest loan.

Highest Interest Loan

Rajapushpa Properties obtained a ₹100 crore loan at 24% interest for projects in Hyderabad, although the rate marked a 40% decline compared to last year’s peak.

Warehousing and Industrial Growth

Largest Lease

Schneider Electric leased 9,99,932 sq. ft. at RKV Logistics Park, Bengaluru, representing a 12% growth over 2023’s largest warehousing lease.

Highest Lease Rate

GE Renewable R&D India leased 1,29,496 sq. ft. in Khed, Pune, at ₹78 per sq. ft., showcasing premium pricing in the warehousing sector.

Key Takeaways

The report highlights several categories that achieved new milestones:

• Residential Sales: Ultra-luxury deals dominated the market, with the most expensive home sale rising by 31%.
• Office Leasing: A robust 75% growth in the largest office lease reflected strong demand.
• Land Development: Mega projects like Dharavi continue to attract significant investments.
• Real Estate Loans: The sector saw 57% growth in the largest sanctioned loan.

Future Outlook

CRE Matrix’s Best of the Best 2024 report affirms that India's real estate market is evolving into a global investment hub. As transparency improves and mega projects gain traction, the future of Indian real estate shines brighter than ever.