Mumbai (Maharashtra) [India], July 21 : The Lok Sabha 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 the second quarter of 2024 came down to 25 transactions for 325+ acres area, the latest data from real estate consultancy firm Anarock showed. In contrast, the first quarter of 2024 saw about 29 land deals for 721+ acres closed across the country.
Prashant Thakur, Regional Director and Head - Research and Advisory, ANAROCK Group, states that from across cities, Bengaluru topped in the number of land deals.
"The city saw nine separate deals for approx. 114 acres closed in Q2 2024. All deals are proposed for residential developments. Gurugram followed, remaining a hot market for land deals in Q2 2024. As many as 7 deals for over 77.5 acres were closed here in this period for residential development and agriculture," Thakur said.
Of the total land deals closed in the second quarter of 2024 (April-June), over 17 for 163+ acres have been proposed for residential developments. Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail saw one deal each.
"While Bengaluru continues to be a hotbed for residential development, Gurugram has also upped its game," said Thakur.
"Demand has been soaring here in the last couple of years, and developers are able to sell units in new projects very quickly post-launch. Mumbai, which topped in land deals in the previous quarters, saw just two land deals closed in Q2 2024 - one for industrial purposes and the other for retail development," said Thakur.
On the other hand, 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, approximately 46 deals for 950+ acres were closed in the corresponding period last year (first half of 2023).
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