Price heat, election jitters dent land deals in Q2 2024, just 25 for 325+ acres
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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 2024 came down to 25 transactions for 325+ acres' area, finds Latest ANAROCK data. In contrast, Q1 2024 saw approx. 29 land deals for 721+ acres closed across the country.
Dr. Prashant Thakur, Regional Director & Head - Research & Advisory, ANAROCK Group, states that from across cities, Bengaluru topped in the number of land deals. "The city saw 9 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."Of the total land deals closed in Q2 2024 (Apr.-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," says Dr. 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 2 land deals closed in Q2 2024 – one for industrial purposes and the other for retail development.”
Land Deals in H1 2024
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, approx. 46 deals for 950+ acres were closed in the corresponding period last year (H1 2023).
* Bengaluru and Gurugram closed maximum deals (15 each) for approx. 216 acres and 162 acres, respectively in H1 2024.
* Mumbai saw 5 land deals for approx. 34 acres in the first half this year.
* Hyderabad and Chennai each closed 3 deals for approx. 63.5 acres and 48 acres, respectively.
* Pune, Ahmedabad, Noida & Thane collectively closed 2 land deals each for approx. 103 acres.
* Ghaziabad and Delhi closed one deal each for approx. 62.5 acres and 5 acres, respectively.
* Ayodhya, Jaipur, and Surat saw one deal each closed in H1 2024 for approx. 353 acres collectively.
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