Synopsis
According to a recent report, land transactions in the National Capital Region surged by 72% in 2024, reaching a total of 38 deals covering over 417 acres. This marks the highest number of transactions in India for the year, highlighting the increasing demand for land in the NCR.Key Takeaways
- 72% increase in NCR land deals in 2024.
- 38 transactions covering over 417 acres in NCR.
- Mumbai and Bengaluru follow with significant deals.
- Strong focus on residential development across India.
- 133 total deals nationwide for 2,515 acres.
Mumbai, Jan 16 (NationPress) Land transactions in the National Capital Region (NCR) escalated by 72 percent in 2024, reaching 38 deals covering over 417 acres. This marks a significant increase from 22 transactions for more than 190 acres in 2023, according to a report released on Thursday. This figure represents the highest number of deals recorded in the nation last year.
Following the NCR, the Mumbai Metropolitan Region (MMR) reported 30 transactions for over 607 acres, while Bengaluru recorded 26 deals for more than 307 acres.
In tier 2 and tier 3 cities, Ahmedabad led with 3 deals for over 44 acres, closely followed by Jaipur with 2 deals for approximately 22 acres. Surat registered a single transaction for 300 acres.
Nationwide, a total of 133 land deals covering 2,515 acres were finalized in 2024, compared to 97 deals for over 2,707 acres in 2023, as reported by the Anarock Group.
Out of these transactions in 2024, more than 95 deals covering nearly 1,948 acres were intended for residential development, which includes plotted developments, township projects, and luxury villas, along with one 5-star hotel.
A total of over 97 acres was allocated for industrial and logistics parks, more than 124 acres for mixed-use development, over 174 acres for commercial and data centers, over 32 acres for senior living, and more than 14 acres for retail, among other uses, as specified in the report.
Anuj Puri, Chairman of Anarock Group, stated that, due to robust residential sales across the country, at least 77 percent of the total land area acquired in 2024 is designated for various residential developments.
In 2023, over 2,707 acres of land changed hands in approximately 97 deals throughout the country. The past two years have seen at least 230 land transactions covering a staggering 5,222 acres.
Tier 2 and tier 3 cities collectively witnessed at least 16 land deals for over 930 acres finalized in 2024. Proposed developments include residential (including plotted developments), mixed-use projects, retail, data centers, and senior living, as noted in the report.
