India's Land Deals See Sharp Decline in Q2 2024 Amid High Prices and Elections
Real Estate, Realty, Housing, Land Acquisition, Developers
Real EstateLand AcquisitionDevelopersHousingIndian EconomyReal Estate NewsJul 21, 2024
The decline in land deals is attributed to high land prices and the general elections, which seem to have deterred developers and other entities from acquiring land. Bengaluru and Gurugram emerged as the top cities in terms of land deals, with 9 and 7 deals closed, respectively. The deals in Bengaluru covered an area of approximately 114 acres, while those in Gurugram covered around 77.5 acres.
In terms of the purpose of land acquisition, residential development topped the list, with 17 deals covering over 163 acres. Other uses, such as agriculture, mixed-use development, data centers, logistics parks, industrial, and retail, saw one deal each.
Mumbai witnessed 2 land deals involving 4.52 acres, Hyderabad saw 1 deal comprising 48 acres, Pune had 2 deals covering 27.5 acres, Chennai saw 1 deal for 27 acres, Thane had 2 deals involving 24.95 acres, and Ahmedabad saw 1 deal for just 1.37 acre.
Despite the decline in Q2, the overall land deals data for the first half of 2024 is more upbeat. A total of 54 deals for 1,045+ acres were closed during January-June 2024, compared to 46 deals for 950+ acres in the same period last year. Bengaluru and Gurugram closed the maximum deals (15 each) for about 216 acres and 162 acres, respectively, during the same period.
Information
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Frequently Asked Questions
What was the total area of land deals closed in Q2 2024?
The total area of land deals closed in Q2 2024 was around 325 acres.
Which cities saw the maximum land deals in Q2 2024?
Bengaluru and Gurugram saw the maximum land deals, with 9 and 7 deals closed, respectively.
What was the reason for the decline in land deals in Q2 2024?
The decline in land deals was due to high land prices and the general elections.
What was the total number of land deals closed in the first half of 2024?
A total of 54 deals for 1,045+ acres were closed during January-June 2024.
Which city saw the largest area of land deals in the first half of 2024?
Bengaluru saw the largest area of land deals, with 15 deals covering around 216 acres.
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