Sharp Decline in Land Deals: Elections and High Prices to Blame
Land acquisition activity slowed down in Q2 2024, with only 325 acres transacted due to high prices and general elections, according to Anarock.
Land DealsReal EstateAnarockIndian EconomyProperty MarketReal EstateJul 21, 2024
The decline in land deals is attributed to the high prices of land and the general elections, which took place during the second quarter of 2024. These factors seem to have deterred developers and other entities from acquiring land for their projects.
Bengaluru and Gurugram led the way in terms of land deals, with 9 and 7 deals closed, respectively. Bengaluru saw deals for approximately 114 acres, while Gurugram witnessed deals for over 77.5 acres. Of the total land deals closed during the quarter, over 17 were proposed for residential developments, covering more than 163 acres.
Other cities, such as Mumbai, Hyderabad, Pune, Chennai, Thane, and Ahmedabad, also saw land deals during the quarter. However, the numbers were significantly lower compared to the same period last year.
Despite the decline in land deals during the second quarter, Anarock's data trends for the first half of 2024 are more upbeat. As many as 54 deals for over 1,045 acres were closed during the period, compared to approximately 46 deals for 950+ acres in the corresponding period last year.
Information Anarock is a leading real estate consultant that provides comprehensive services to its clients, including research, advisory, and transaction support. The company has a strong presence in India and provides expert guidance to developers, investors, and other stakeholders in the real estate industry.
Anarock Group is a prominent real estate services company that offers a range of services, including research, advisory, and transaction support. With its extensive experience and expertise, the company provides valuable insights and guidance to developers, investors, and other stakeholders in the Indian real estate market.
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 325 acres.
What were the top two cities in terms of land deals during Q2 2024?
Bengaluru and Gurugram were the top two cities in terms of land deals during Q2 2024.
What was the main reason for the decline in land deals during Q2 2024?
The main reason for the decline in land deals during Q2 2024 was the high prices of land and the general elections.
How many land deals were closed during the first half of 2024?
As many as 54 deals for over 1,045 acres were closed during the first half of 2024.
What is the role of Anarock in the Indian real estate market?
Anarock is a leading real estate consultant that provides comprehensive services to its clients, including research, advisory, and transaction support.
Related News Articles
Revolutionizing India's Urban Landscape: Smart Cities and Real Estate Development
India's smart city initiatives and infrastructural development have boosted real estate activity in major urban centers, with cities like Mumbai, Delhi-NCR, and Bangalore leading the way.
MahaRERA Issues Guidelines to Safeguard Homebuyers: Key Points to Check
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued detailed guidelines to help homebuyers make informed decisions and avoid potential pitfalls. These guidelines aim to ensure a transparent and secure home-buying experience.
MahaRERA Witnesses a High Pass Percentage of 87% in the 5th Edition of Real Estate Agents Examination
Maharashtra Real Estate Regulatory Authority declares results of the 5th edition of Real Estate Agents examination with 4,165 candidates clearing the test
Heritage Group Challenges Bombay HC Ruling on Madhugiri in Supreme Court
A prominent heritage group has moved the Supreme Court against a recent judgment by the Bombay High Court concerning the Madhugiri area in Mumbai. The group claims that the HC's decision has significant implications for the preservation of historical site
Pune Real Estate Firm Falls Victim to Rs 24 Lakh Cyber Fraud
An employee from the accounts department of a Pune-based real estate firm was tricked into transferring Rs 24 lakh to fraudulent accounts after receiving a message from someone posing as the company director’s father. The incident highlights the increasin
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr