Mumbai Leads India’s Land Deal Boom in 2024

Mumbai Leads India’s Land Deal Boom in 2024

India's real estate sector witnessed a transformative year in 2024, with 133 land deals covering over 2,515 acres finalized across the country. Leading this surge was the Mumbai Metropolitan Region (MMR), which reported 30 land deals totaling 607 acres, according to a report by ANAROCK, a prominent real estate consultancy.

Mumbai at the Forefront

MMR’s dominance was underscored by some significant transactions. Among the most notable were:

• Adani Realty, acquiring 24 acres with a revenue potential exceeding ₹8,000 crore.
• Century Real Estate (Aditya Birla Real Estate), purchasing 10 acres with an estimated potential of over ₹11,000 crore.
• Mahindra Lifespace, securing 37 acres for a joint development project.

Comparative Analysis Across Regions

While Mumbai led in total acreage, other major cities also demonstrated robust activity:

• Delhi NCR: 38 deals covering 417 acres.
• Bengaluru: 26 deals for 307 acres.

In tier-2 and tier-3 cities, Surat and Nagpur stood out:

• Surat recorded a single land deal of 300 acres.
• Nagpur saw a 100-acre transaction.

Other active cities included Ahmedabad, which completed three land deals totaling 44 acres.

Two-Year Perspective: 2023 and 2024

The combined land transactions in 2023 and 2024 amounted to 230 deals, covering over 5,222 acres. The upward trend was driven by strong Pan-India residential sales momentum, with 77% of the acquired land in 2024 earmarked for residential projects. In 2023 alone, 97 land deals covering 2,707+ acres were finalized.

Driving Forces Behind the Boom

According to Anuj Puri, Chairman of ANAROCK Group, the surge in land transactions can be attributed to:

• Financially strong developers prepared to invest in large-scale projects.
• High demand from homebuyers, particularly in the residential segment.

These factors have reinforced the Indian real estate market, setting the stage for sustained growth.