India’s Land Deals 2024: Q2 Sees Significant Decline
Land acquisitions in India saw a significant decline during the second quarter of 2024, with only 25 deals covering 325 acres being finalized, according to real estate consultant Anarock. This is a marked decrease from the 29 deals comprising 721 acres during the same period last year. The downturn in Real Estate Land Deals 2024 is attributed to high land prices and the general elections.
Bengaluru dominated the market with nine transactions, encompassing roughly 114 acres, mainly designated for residential projects.Gurugram followed with seven deals covering over 77.5 acres. Other major cities also saw activity: Mumbai recorded two deals for 4.52 acres, Hyderabad one deal for 48 acres, Pune two deals for 27.5 acres, Chennai one deal for 27 acres, Thane secured two deals totaling 24.95 acres, while Ahmedabad completed one deal for 1.37 acres.
Of the total Land Deals in India 2024 closed in April-June, more than 17 were proposed for residential developments, covering over 163 acres. Other sectors such as agriculture, mixed-use development, data centers, logistics parks, industrial, and retail each saw one deal.
Despite the Q2 slowdown, the first half of 2024 showed more positive trends. A total of 54 Real Estate Land Deals 2024 for over 1,045 acres were closed, compared to 46 deals for 950 acres in the first half of 2023. Bengaluru and Gurugram each closed 15 deals, covering 216 acres and 162 acres, respectively. Mumbai saw five deals for 34 acres, while Hyderabad and Chennai each closed three deals for 63.5 acres and 48 acres, respectively. Pune, Ahmedabad, Noida, and Thane each finalized two deals, collectively covering 103 acres. Ghaziabad and Delhi each completed one deal, accounting for 62.5 acres and 5 acres, respectively. Ayodhya, Jaipur, and Surat collectively saw one deal each, totaling 353 acres.
Prashant Thakur, Regional Director & Head – Research & Advisory at Anarock Group, noted that the general elections and high land prices have dampened the appetite for land acquisition among developers and other entities in Q2 2024. However, the overall trend for the first half of the year remains positive, indicating resilience in the Real Estate market despite these challenges.
Read more: Bhutani Group WTC Noida Acquisition Boosts Project Completion
for more updates follow us on instagram
