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.
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