May 22, 2024 |
Dvok Buildcon Buys 18-acre Land in Gurgaon for Rs 310 Crore
Dvok Buildcon, a Gurgaon-based real estate developer, has bought an 18-acre plot of land in Gurgaon for Rs 310 crore, according to documents accessed through CRE Matrix, a real estate data analytics firm.
The company has purchased agricultural land near Manesar and paid Rs 21.72 crore as stamp duty, according to the documents.
Despite all-time high residential demand, several large and listed developers, as well as other entities, continued to acquire land.
Other than residential, commercial, retail, industrial, and logistics & warehousing sectors are also driving prime land deals in key locations across India.
During 2022–23, 88 land deals totalling approximately 1,886 acres were closed across various cities.
Developers and entities concluded about 101 separate land deals in 2023–24, cumulatively accounting for nearly 2,989 acres across the country.
The residential segment continues to drive the Indian real estate market.
Among the top 7 cities for land deals, NCR topped the list with 29 deals for 313 acres, followed by MMR with 19 deals for approximately 157 acres.
In terms of total land area, Bengaluru saw 14 deals for 490 acres transacted, the highest among all the top 7 cities.
Land deals in the National Capital Region (NCR) have peaked due to urbanisation, infrastructure development, and investment opportunities driving demand for land.
Future developments and potential returns on investment are major contributors to the rise in land transactions. In terms of total area, approximately 58% more land has been purchased in FY 2024 compared to FY 23.
Source : ET
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