New Delhi [India], January 19 : Financially strong real estate developers and other entities continued to acquire land in 2024 despite escalating land prices. Backed by high homebuyer demand, the Delhi and National Captial Region led in the number of land deals closed among all cities, data shows.
Data made available by real estate consultancy firm ANAROCK showed that NCR saw at least 38 land deals for 417+ acres closed in 2024. In 2023, the national capital region saw 22 land deals for 190+ acres. NCR was at the forefront of real estate activity in 2024.
Anuj Puri, Chairman, ANAROCK Group, 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, 77 per cent of the total land area acquired in 2024 is earmarked for various residential developments," Puri added.
In 2023, 2707+ 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.
Of 133 land deals closed in 2024, 95 deals for approximately 1,948 acres are proposed for residential development across tier 1, 2 and 3 cities, as per Anarock data.
97+ acres in four separate deals were earmarked for industrial and logistic parks; five deals for 124+ acres were for mixed-use developments; 12 deals for approximately 175 acres for commercial spaces and data centres; 78+ acres in 12 separate deals for retail, education and healthcare, agriculture, senior living, and other asset classes.
"NCR and MMR (greater Mumbai) remained the prime focal points for land acquisition in 2024," added Puri.
"While NCR led in deal numbers - 38 deals for over 417 acres - in 2024, MMR saw the highest land volumes transacted with over 607 acres in 30 deals. Land prices in both the regions have skyrocketed over the last few years, but this has not deterred developers from zeroing in one prime assets in these regions," Anarock Chairman asserted.
Separately, Anarock recently said ultra-luxury homes, priced greater than Rs 40 crore each, continued to sell briskly in 2024, notwithstanding spiralling residential real estate prices.
The number of sales as well as the sales value of such assets hit new peaks in 2024. Data made available by the real estate consultant indicated that the total sales value of ultra-luxury homes surged 17 per cent annually in 2024 compared to 2023.
Overall, 59 ultra-luxury homes were sold across the top seven cities in 2024, for a collective sales value of approximately Rs 4,754 crore. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of approximately Rs 4,063 crore.
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