Land Rush 2024: NCR Steals The Show With Over 2,500 Acres In Deals

The National Capital Region (NCR) emerged as the leader in land acquisitions in 2024, witnessing 38 deals that closed for over 417 acres, according to ANAROCK’s latest research. This marks a significant jump from 2023, where NCR saw just 22 deals for 190 acres. Despite the surge in land prices, which have increased dramatically in recent years, developers continue to target prime land parcels for residential, commercial, and industrial developments across India.

NCR Tops Land Deals in 2024 
A total of 133 land deals for over 2,515 acres were closed across India in 2024, up from 97 deals for 2,707 acres in 2023. Over the course of the last two years, 230 land deals involving more than 5,222 acres have been closed, underscoring the growing momentum in the land acquisition sector.

Residential Developments Dominate
As per the data, residential projects are the most significant driver of land acquisitions, accounting for 77% of the total land acquired in 2024. In fact, 95 deals for approximately 1,948 acres have been earmarked for residential purposes, including plotted developments, township projects, and luxury villas. Notably, NCR’s dominance in land deals was fueled by strong demand for housing and residential properties.

Anuj Puri, Chairman of ANAROCK Group, commented, “Land acquisition trends reflect a continued focus on residential developments, with a significant portion of land transactions aimed at meeting the surging demand for housing. Despite escalating prices, developers are motivated by high sales momentum in the residential segment.”

NCR and MMR Drive Largest Deals
While NCR led the number of land deals, Mumbai Metropolitan Region (MMR) saw the highest volume of land transacted—607 acres across 30 deals. Together, these two regions accounted for nearly half of the total land area transacted in 2024. This reflects the robust demand for both residential and commercial developments in key urban centers.
Puri elaborated, “Both NCR and MMR remain prime hubs for land acquisition. NCR saw 38 deals for over 417 acres, but MMR transacted more land in terms of volume—607 acres. Despite rising land prices, these regions continue to attract developers focused on prime real estate assets.”

Bengaluru: Strong Showing in Land Transactions
Bengaluru also made a significant impact in the land market, with 26 deals for over 307 acres closed in 2024. The city’s land transactions were primarily focused on residential developments (22 deals), followed by two deals for commercial and data center projects, and one deal for a senior living project. With a 12% share of the total land area transacted, Bengaluru continues to be a key player in India’s land acquisition landscape.

Tier 2 and 3 Cities See Growth
While tier 1 cities remain the focal point for land acquisition, tier 2 and 3 cities have also witnessed considerable activity. Ahmedabad led this group with three deals for over 44 acres, followed by Jaipur with two deals for 22 acres. Other cities like Surat, with a single deal for 300 acres, and Varanasi, with one deal for 75 acres, have also made strides in the land market.
The broader trend of land acquisitions in these cities reflects growing interest in regional urbanization, which is fueled by infrastructure development and increasing population growth. While the volume of transactions is smaller, the size and value of deals are significant.

Breakdown of Land Deals by Purpose and Size
The majority of land deals in 2024 were earmarked for residential developments, including township projects, plotted developments, and luxury villas. Here’s a detailed breakdown of land deals by their proposed use:
Residential (Including Plotted Development, Township Projects, and Luxury Villas): 95 deals for approximately 1,948 acres
Industrial & Logistics Parks: 4 deals for 97.32 acres
Mixed-Use Developments: 5 deals for 124.14 acres
Commercial & Data Centers: 12 deals for approximately 175 acres
Retail: 3 deals for 14.13 acres
Education & Healthcare: 6 deals for 13.38 acres
Agriculture: 1 deal for 18 acres
Senior Living: 2 deals for 32.5 acres
Undecided Purpose: 5 deals for 92.67 acres

This breakdown reveals the diverse nature of land acquisition in 2024, with residential projects still commanding the largest share of transactions, followed by significant investments in commercial spaces, industrial parks, and data centers.

Top Land Deals in 2024
Some of the largest and most noteworthy land deals of 2024 include:
DLF Homes Developers acquired 29 acres in Gurgaon for residential development.
ArvindSmartSpace purchased 300 acres in Surat for a plotted development project.
Adani Realty secured 24 acres in Mumbai for commercial purposes, valued at INR 8,000 crore.
Godrej Properties clinched a deal for 62 acres in Bengaluru for a township project.
Microsoft acquired 48 acres in Hyderabad for a data center development.
Mahindra Life Spaces bought 37 acres in Mumbai for a mixed-use development project.
These deals highlight the continued preference for well-located, high-potential sites that cater to residential, commercial, and industrial needs.

Conclusion: A Growing Market Despite Escalating Prices
2024 was a year of robust land transactions, as developers demonstrated resilience in the face of rising land prices. NCR, MMR, and Bengaluru led the charge, while tier 2 and 3 cities are also emerging as key players in the land market. With residential developments dominating land acquisitions, the real estate market is poised for further growth in the coming years.