Land Deals in India: A Sluggish Q2 Amid High Prices and Elections
The Indian real estate sector witnessed a significant decline in land deals in Q2 2024, with only 25 deals covering 325 acres. Bengaluru and Gurugram led the way in terms of number of deals.
Indian Real EstateLand DealsAnarockBengaluruGurugramReal Estate MumbaiJul 21, 2024
The general elections and high land prices are cited as the main reasons for the decline in land deals. The elections led to a delay in decision-making, while high land prices deterred developers and other entities from acquiring land.
However, despite the sluggish Q2, the overall land deals data for the first half of 2024 is more upbeat. A total of 54 deals were closed during this period, covering over 1,045 acres, compared to 46 deals covering 950 acres in the corresponding period last year.
Bengaluru and Gurugram emerged as the top cities in terms of number of land deals, with 15 deals each covering 216 acres and 162 acres, respectively. Mumbai saw 5 land deals for 34 acres in the first half of this year, while Hyderabad and Chennai each closed 3 deals for 63.5 acres and 48 acres, respectively.
Anarock pointed out that out 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.
The real estate sector is expected to pick up pace in the coming quarters, driven by demand for residential and commercial spaces. However, high land prices and regulatory issues remain major challenges for developers and other entities.
Information
Anarock is a leading real estate consultant with a presence in India and the Middle East. The company provides research and advisory services to developers, investors, and other stakeholders in the real estate sector.
Anarock is a premier real estate consultancy firm that provides cutting-edge research and advisory services to developers, investors, and other stakeholders in the Indian and Middle Eastern real estate markets.
Frequently Asked Questions
What was the total area of land deals closed in Q2 2024?
325 acres
What was the reason for the decline in land deals in Q2 2024?
High land prices and general elections
Which cities saw the maximum number of land deals in the first half of 2024?
Bengaluru and Gurugram
How many deals were closed in the first half of 2024?
54 deals covering over 1,045 acres
What is the expected trend in the real estate sector in the coming quarters?
The sector is expected to pick up pace, driven by demand for residential and commercial spaces
Related News Articles
Impact of STCG and LTCG Changes on Your Investments in Equity and Real Estate
The latest tax changes in the budget 2024 have a significant impact on the investment landscape. Here's how STCG and LTCG changes affect your investments in equity and real estate.
Tellado Realty Transfers Hospitality Business to StayVista
Tellado, a prominent real estate developer in North Goa, has recently made a strategic move by transferring its hospitality business to StayVista. This move underscores the company's commitment to focusing on its core real estate projects, which include t
Government to Increase Land Prices in Tiswadi, Mormugao, and Salcete Talukas
The decision to raise land prices in Tiswadi, Mormugao, and Salcete talukas is expected to have significant implications on the already thriving real estate market in Goa.
Mumbai: Two Nigerians Arrested with Drugs Worth Over Rs 5 Crores
Mumbai: Two Nigerian nationals have been arrested in a major drug bust in Mumbai, with the seized drugs valued at more than Rs 5 crores. The operation was conducted by the Mumbai police, which has been ramping up efforts to combat drug trafficking in the
Indian Tycoon Snaps Up Two Sea-Facing Apartments for Rs 198 Crore in Worli
The real estate market in Mumbai remains a hotbed for luxury property transactions, particularly in prime locations like Worli. One such high-profile purchase has recently made waves, as a prominent Indian businessman has acquired two sea-facing apartment
Lionel Messi's €223 Million Real Estate Portfolio Listed as REIT in Spain
Lionel Messi, the Argentine football legend, has made a strategic move in the real estate sector by listing his €223 million property portfolio as a real estate investment trust (REIT) in Spain. The new REIT, Edificio Rostower Socimi, includes a diverse r