Zomato's Deepinder Goyal behind Delhi's biggest land deal in FY24
What's the story
Deepinder Goyal, the founder of food delivery giant Zomato, has made a significant mark in Delhi's real estate sector.
In the last quarter of fiscal year 2024, he invested ₹79 crore to acquire a five-acre plot at Dera Mandi in Delhi.
This transaction was the largest land deal in Delhi during this period, overshadowing other major transactions that primarily occurred in Gurugram and Noida.
Real estate
Gurugram emerges as the preferred location for land deals
The National Capital Region (NCR), which includes New Delhi and its neighboring areas like Gurugram and Noida, saw a total of 29 large land deals in the fiscal year ending March 2024.
Gurugram emerged as the preferred location for these transactions, hosting 22 out of the total deals.
The majority of these transactions were dominated by real estate developers planning to build residential communities on these lands.
Major purchases
Godrej Properties, DLF Homes developers also invested in Gurugram
In 2023, Mumbai-based Godrej Properties, a leading developer with an $8 billion market cap, invested ₹900 crore for a 7.91-acre parcel on Golf Course Road in Gurugram.
The company continued its acquisition spree in Gurugram and Noida last year, bringing their total land investment to ₹1,803 crore.
Meanwhile, DLF Homes Developers secured a 29-acre plot at Golf Course Extention Road in Gurugram for ₹825 crore in the last quarter of FY24.
Market trends
Experion Developers signed four deals to acquire land in Gurugram
Data from Anarock reveals that a total of 314 acres of land changed hands in the fiscal year ending March 2024, marking an increase from the previous year's 273.9 acres.
Experion Developers also made significant strides by signing four deals to acquire land in Gurugram and Noida, totaling ₹1,650 crore.In Gurugram, 208.2 acres of land changed hands through 22 transactions, with the majority, 20 deals, earmarked specifically for residential development.