Land acquisitions remained muted during April-June, and only 25 deals covering 325 acres were closed during this period, mainly due to high prices and general elections, according to Anarock.
The number of land deals closed in Q2 (April-June) 2024 came down to 25 transactions for around 325 acres
Land acquisitions remained muted during April-June, and only 25 deals covering 325 acres were closed during this period, mainly due to high prices and general elections, according to Anarock.
In contrast, there were 29 land deals closed in the year-ago period, comprising 721 acres.
Real estate consultant Anarock pointed out that the general elections and the heated land prices seem to have dented the appetite for land acquisition for developers and other entities in the second quarter of 2024.
The number of land deals closed in Q2 (April-June) 2024 came down to 25 transactions for around 325 acres.
Prashant Thakur, Regional Director & Head - Research & Advisory, Anarock Group, said Bengaluru topped in the number of land deals.
"The city (Bengaluru) saw 9 separate deals for approximately 114 acres closed in Q2 2024," he added.
Gurugram saw the closure of as many as 7 deals for over 77.5 acres.
Of the total land deals closed in April-June, over 17 have been proposed for residential developments covering more than 163 acres.
Agriculture, mixed-use development, data centres, logistics parks, industrial, and retail saw one deal each.
As per the April-June data, Mumbai witnessed 2 land deals, involving 4.52 acres, Hyderabad 1 deal comprising 48 acres, Pune 2 deals (27.5 acres), Chennai 1 deal for 27 acres, Thane 2 deals involving 24.95 acres and Ahmedabad 1 deal for just 1.37 acre.
Anarock said land deals data trends for the first half of 2024 are more upbeat.
"As many as 54 deals for 1,045+ acres were closed in the period across the country. In contrast, approx 46 deals for 950+ acres were closed in the corresponding period last year (H1 2023)," the consultant said.
Bengaluru and Gurugram closed maximum deals (15 each) for about 216 acres and 162 acres, respectively, during January-June this year.
Mumbai saw 5 land deals for 34 acres in the first half of this calendar year.
Hyderabad and Chennai each closed 3 deals for 63.5 acres and 48 acres, respectively.
Pune, Ahmedabad, Noida and Thane collectively closed 2 land deals each for 103 acres.
Ghaziabad and Delhi closed one deal each for 62.5 acres and 5 acres, respectively.
Ayodhya, Jaipur and Surat saw one deal each closed in January-June 2024 for 353 acres collectively.