Hyderabad: In a year when the country saw 133 land deals covering 2,515 acres being sealed, compared to 97 deals for 2,707 acres in 2023, Hyderabad saw the closure of only four major land deals in 2024, amounting to around 67 acres, according to realty consulting firm Anarock.
Across the top seven markets, Delhi NCR led the country with 38 land deals covering over 417 acres, followed by the Mumbai Metropolitan Region (MMR) with 30 deals for over 607 acres, and Bengaluru with 26 deals for over 307 acres.
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While three of the four deals sealed in 2024 were for residential projects, one was for a data centre project. Additionally, two of the four deals were for residential projects in the upmarket Kokapet area.
Data provided by Anarock and CBRE suggested that the biggest land deal struck in the city in 2024 was Microsoft’s acquisition of a 48-acre parcel of land from Natco Pharma in Rangareddy district for Rs 267 crore for its data centre project. However, the priciest deal was the acquisition of a 12.5-acre parcel of land for Rs 345 crore by Godrej Properties in Rajendra Nagar for a residential project.
Godrej Properties also acquired a three-acre parcel of land at Kokapet for a premium residential project, but the deal size could not be ascertained. However, local developer Lansum Properties bought a 3.6-acre land parcel in Kokapet for Rs 200 crore.
According to a CBRE residential realty report, an oversupply of housing units, coupled with rising land acquisition costs, were two main factors why developers were slow to acquire land in Hyderabad in 2024.
