Land deals in NCR spikes 72 pc in 2024, highest in India

Mumbai, Jan 16 (IANS) Land deals in NCR (National Capital Region) surged 72 per cent to 38 for more than 417 acres in 2024, from 22 land deals for over 190 acres in 2023 — the highest figure recorded in the country last year, according to a report on Thursday.

In number of deals in top seven cities, Mumbai Metropolitan Region (MMR) followed NCR with 30 deals for more than 607 acres, followed by Bengaluru with 26 deals for more than 307 acres.

In tier 2 and 3 cities, Ahmedabad topped with 3 deals for 44+ acres, followed by Jaipur with 2 deals for 22+ acres. Surat saw a single deal for 300 acres.

Overall, at least 133 land deals for 2,515 acres closed across the country in 2024, against 97 deals for more than 2,707 acres in 2023, according to the report by Anarock Group.

Out of total land deals in 2024, over 95 deals for nearly 1,948 acres proposed for residential development (including plotted developments, township projects and luxury villas) and one 5-star hotel.

More than 97 acres earmarked for industrial and logistic parks, over 124 acres for mixed-use development and more than 174 acres for commercial and data centres, over 32 acres for senior living, more than 14 acres for retail, among others, the report stated.

According to Anuj Puri, Chairman, Anarock Group, backed by strong pan-India residential sales momentum, at least 77 per cent of the total land area acquired in 2024 is earmarked for various residential developments.

In 2023, more than 2,707 acres in about 97 land deals changed hands across the country. The last two years saw at least 230 land deals for a whopping over 5,222 acres.

Tier 2 and 3 cities together saw at least 16 land deals for more than 930 acres closed in 2024. The proposed developments include residential (including plotted developments), mixed-use projects, retail, data centre and senior living, the report added.

–IANS

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