Land Deals Soar in India: Bengaluru Takes the Lead in 2024
India witnessed a surge in land deals in the first half of 2024, with Bengaluru emerging as the top destination for real estate investments.
Land DealsReal EstateIndiaBengaluruMumbaiAnarockReal Estate MumbaiJul 21, 2024
The city's real estate market has been booming, with developers able to sell units in new projects quickly post-launch. All the deals in Bengaluru are proposed for residential developments, driven by the high demand for housing in the city. Gurugram followed closely, with seven deals for over 77.5 acres, primarily for residential development and agriculture.
While Mumbai, which topped the land deals in previous quarters, saw a decline in Q2 2024 with just two deals closed - one for industrial purposes and the other for retail development. However, the city still saw five land deals for nearly 34 acres in the first half of 2024. Other cities that saw significant land deals include Hyderabad and Chennai, each with three deals for approx 63.5 acres and 48 acres, respectively. Pune, Ahmedabad, Noida, and Thane collectively closed two land deals each for about 103 acres.
Dr. Prashant Thakur, Regional Director and Head-Research & Advisory, Anarock Group, noted that the demand for land has been soaring in the last couple of years, driven by the growth in the real estate sector.
Information Anarock is a leading real estate consulting firm that provides research and advisory services to the industry. The firm's reports and analysis are widely considered authoritative in the real estate sector.
Anarock Group is a leading real estate consultancy firm that provides research, advisory, and transaction services to the industry. The firm has a strong presence in India and the Middle East, and is known for its comprehensive reports and analysis on the real estate sector.
Frequently Asked Questions
How many land deals were closed in India in the first half of 2024?
Over 54 land deals for more than 1,045 acres were closed in India in the first half of 2024.
Which city led the land deals in Q2 2024?
Bengaluru led the land deals in Q2 2024, with nine new deals for 114 acres.
What is the primary use of the land deals in Bengaluru?
All the land deals in Bengaluru are proposed for residential developments.
How many land deals were closed in Mumbai in the first half of 2024?
Mumbai saw five land deals for nearly 34 acres in the first half of 2024.
What is driving the demand for land in India's real estate sector?
The demand for land has been soaring in the last couple of years, driven by the growth in the real estate sector and the need for housing and commercial spaces.
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