New Delhi, April 24 (IANS): Delhi-NCR saw 29 land deals for approximately 314 acres in FY24, in comparison to 23 land deals covering nearly 273.9 acres in FY-23, a report showed on Wednesday.

Delhi-NCR continues to be a hotspot for real estate transactions across various sectors and as in the previous financial year, land deals have been a significant part of real estate development, according to Anarock data.

“About 26 separate land deals, totalling nearly 298 acres, were proposed for residential and township projects to meet the region’s growing demand for housing and urban development,” said Santhosh Kumar, Vice Chairman, Anarock Group.

At least two land deals, spanning over 7 acres each, were planned specifically for commercial real estate projects.

“A separate deal involving approximately 8.61 acres was dedicated to an education-related project,” Kumar informed.

In Delhi, one deal covering 5 acres was closed for residential development. Gurugram led the way with 22 deals, totalling 208.22 acres.

These included one deal each for educational, residential and retail purposes, while the remaining 20 deals were exclusively for residential development, according to the report.

In Faridabad, a 15-acre land deal was finalised for residential purposes.

Greater Noida saw a 8.9-acre deal secured for residential development and Ghaziabad witnessed a substantial 62.5-acre deal signed for a township project.

“Noida closed three separate deals, covering a combined area of 13.96 acres, for both residential and commercial developments,” the report mentioned.