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Dvok Buildcon, a Gurgaon-based real estate developer, paid Rs 310 crore for an 18-acre tract of land, as per the documents obtained by real estate data analytics company CRE Matrix.
According to the paperwork, the corporation paid stamp duty of Rs 21.72 crore and bought agricultural property near Manesar.
Even with the demand for homes at an all-time high, a number of big, publicly traded developers and other organizations kept buying land.
The Residential Land Acquisitions Leading The Real Estate Sector
In addition to residential, premier land acquisitions in strategic areas around India are also being driven by the commercial, retail, industrial, and transportation and warehousing sectors.
In 2022–2023, 88 land transactions totaling around 1,886 acres were completed in a number of cities.
In 2023–2024, developers and other organizations completed over 101 distinct land deals totaling almost 2,989 acres across the nation. The Indian real estate industry is still primarily driven by the residential sector.
The NCR Region Closed The Most Number Of Land Deals
NCR led the list of the top 7 cities for land deals, with 29 agreements totaling 313 acres. MMR came in second with 19 deals totaling about 157 acres. Bengaluru has the most land area traded out of all the top 7 cities, with 14 deals totaling 490 acres.
The National Capital Region (NCR) has seen a high in land sales as a result of investment possibilities, infrastructure expansion, and urbanization boosting demand for land.
The increase in land transactions can be attributed in large part to future projects and possible returns on investment. In comparison to FY 23, almost 58% more land was acquired in total area in FY 2024.
Source- ET
