Delhi-NCR Leads Land Deals in 2024: Anarock

New Delhi, Jan 16 (PTI) Delhi-NCR saw a maximum of 38 land deals totalling about 420 acres in 2024 as developers were on expansion mode amid strong demand, according to Ananrock.

In a statement, real estate consultant Anarock said the NCR saw at least 38 land deals for 417+ acres closed in 2024. In 2023, the region saw 22 land deals for 190+ acres. In Mumbai Metropolitan Region (MMR), there were 30 land deals comprising 607.03 acres.

Anarock Chairman Anuj Puri said, "In total, there were at least 133 separate land deals for over 2,515 acres closed in 2024 across the country. 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, 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 5,222+ acres," Puri said.

As per the data, out of 133 land deals closed in 2024, 95 deals for 1,948 acres are proposed for residential development across tier 1, 2, and 3 cities.

Around 97 acres are earmarked for industrial & logistic parks, 124 acres for mixed-use developments, 175 acres for commercial spaces, and data centres.

The consultant said 78 acres are earmarked for retail, education & healthcare, agriculture, senior living, and other asset classes.

The development purpose for 93 acres is still undecided.

Commenting on the land deals in NCR, S K Narvar, Group chairman of Trident Realty, said the surge is largely driven by key infrastructure developments such as the Dwarka Expressway and the upcoming Jewar Airport, which are set to significantly enhance connectivity.

"Additionally, the expansion of metro lines is expected to further attract both domestic and international investors. This robust activity reflects a renewed confidence in the market, paving the way for diverse residential and commercial projects," Narvar said.

Exp Realty India Managing Director Shashank Vashishtha said the infrastructure developments have created new growth corridors and enhancing the appeal of key regions like Gurugram, Noida, and Greater Noida for both residential and commercial projects.

"The Jewar Airport, in particular, is a game-changer... (and is) set to position Greater Noida as a major hub for business, tourism, and logistics," he added.