New Delhi New Delhi: Financially strong real estate developers and other entities continued land acquisition in 2024 despite rising land prices. Data shows that due to high demand from home buyers, Delhi and National Capital Region lead the number of land deals closed among all cities.
Data provided by real estate consultancy firm ANAROCK revealed that at least 38 land deals for 417+ acres were closed in NCR in 2024. In 2023, 22 land deals for 190+ acres were signed in the National Capital Region. NCR was at the forefront of real estate activity in 2024.
ANAROCK Group Chairman Anuj Puri said that overall, at least 133 separate land deals were closed across the country in 2024 for more than 2,515 acres.
“Due to the strong residential sales momentum across India, 77 per cent of the total land area acquired in 2024 is earmarked for various residential developments,” Puri said. In 2023, 2707+ acres of land was transferred in around 97 land deals across the country. At least 230 land deals took place in the last two years, totaling 5,222+ acres of land.
According to Anarock data, of the 133 land deals closed in 2024, 95 deals covering around 1,948 acres are proposed for residential development in tier 1, 2 and 3 cities.
97+ acres of land was earmarked for industrial and logistics parks in four separate deals; Five deals of 124+ acres were for mixed-use developments; 12 deals totaling about 175 acres for commercial spaces and data centers; 78+ acres of land across 12 different deals for retail, education and healthcare, agriculture, senior citizen living and other asset classes.
“NCR and MMR (Greater Mumbai) remain the major focus points for land acquisition in 2024,” Puri said. “While the number of deals remained the highest in NCR with 38 deals for over 417 acres in 2024, 30 deals in MMR for over 607 acres of land were transacted in both the regions in the last few years,” the Anarock chairman said. Land prices are skyrocketing, but that hasn't stopped developers from focusing on a prime property in these areas.”
Additionally, Anarock recently said sales of ultra-luxury homes priced above Rs 40 crore continued to grow rapidly in 2024, while residential real estate prices are rising.
The number of sales and sales prices of such properties reached new peaks in 2024. Data provided by the real estate consultant indicates that the total selling price of ultra-luxury homes increased by 17 percent year-on-year in 2024 compared to 2023.
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