Land acquisitions were subdued from April to June, with only 25 deals covering 325 acres being finalized, primarily due to high prices and the general elections, as reported by Anarock. In comparison, the same period last year saw 29 land deals covering 721 acres.
Real estate consultant Anarock observed that the general elections and elevated land prices seem to have reduced the demand for land acquisitions among developers and other entities in the second quarter of 2024.
In the second quarter of 2024 (April-June), there were a total of 25 land transactions amounting to approximately 325 acres. Prashant Thakur, Regional Director & Head of Research & Advisory at Anarock Group, noted that Bengaluru led in the number of land deals.
In Q2 (April-June) 2024, the number of land deals fell to 25 transactions covering approximately 325 acres. Prashant Thakur, Regional Director & Head of Research & Advisory at Anarock Group, noted that Bengaluru led in the number of land deals.
He also added,"The city (Bengaluru) saw 9 separate deals for approximately 114 acres closed in Q2 2024," he added."
Gurugram witnessed the completion of 7 transactions totaling 77.5 acres.
Of the overall land transactions finalized in April-June, more than 17 have been earmarked for residential projects, encompassing a total of 163 acres.
Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail each saw one deal.
According to the April-June data, Mumbai recorded 2 land deals covering 4.52 acres, Hyderabad had 1 deal for 48 acres, Pune saw 2 deals totaling 27.5 acres, Chennai had 1 deal for 27 acres, Thane experienced 2 deals covering 24.95 acres, and Ahmedabad had 1 deal for just 1.37 acres. Anarock stated that land deal trends for the first half of 2024 are more positive.
According to the consultant,"A total of 54 deals covering over 1,045 acres were closed across the country during this period. In comparison, approximately 46 deals covering over 950 acres were closed during the same period last year (H1 2023)."
During January-June this year, Bengaluru and Gurugram led with the highest number of deals, each closing 15 transactions for approximately 216 acres and 162 acres, respectively.
Mumbai recorded 5 land deals totaling 34 acres in the first half of the year. Hyderabad and Chennai each completed 3 land deals, covering 63.5 acres and 48 acres, respectively.
Pune, Ahmedabad, Noida, and Thane each closed 2 land deals, totaling 103 acres collectively. Ghaziabad and Delhi had one deal each, covering 62.5 acres and 5 acres, respectively. Ayodhya, Jaipur, and Surat each completed one deal from January to June 2024, with a combined total of 353 acres.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
