Land deals fall 57% in Q2 2024: Anarock: Rediff Moneynews

New Delhi, July 21 (PTI) According to Anarock, land acquisitions remained subdued during the April-June period with only 25 deals covering 325 acres being closed during the period, mainly due to high prices and general elections.

By comparison, during the same period last year, 29 land transactions covering 721 acres were closed.

Real estate consultant Anarock noted that the general election and high land prices have apparently limited interest from developers and others in acquiring land in the second quarter of 2024.

The number of land transactions concluded in the second quarter (April-June) of 2024 decreased to 25 transactions for approximately 325 acres.

Prashant Thakur, regional director and head of research and consultancy at Anarock Group, said Bengaluru is the city that ranks first in terms of the number of land transactions.

“In the city (Bengaluru) in Q2 2024, nine separate transactions were completed for around 114 acres,” he added.

In Gurugram, as many as 7 transactions were finalised for over 77.5 acres.

Of all the land deals concluded between April and June, over 17 were proposed for residential development covering over 163 acres.

One transaction each was recorded in the agriculture, mixed-use development, data centres, logistics parks, industrial and retail sectors.

As per the April-June data, there were 2 land deals in Mumbai covering 4.52 acres, 1 deal in Hyderabad covering 48 acres, 2 deals in Pune (27.5 acres), 1 deal in Chennai covering 27 acres, 2 deals in Thane covering 24.95 acres and 1 deal in Ahmedabad covering just 1.37 acres.

According to Anarock, the trends for land transaction data in the first half of 2024 are more optimistic.

“During this period, as many as 54 transactions were closed across the country for over 1,045 acres. In contrast, during the same period last year (H1 2023), around 46 transactions were closed for over 950 acres,” the consultant said.

Bengaluru and Gurugram saw maximum deals (15 each) for around 216 acres and 162 acres, respectively, during January-June this year.

In the first half of the current calendar year, five land deals covering a total area of ​​34 acres were completed in Mumbai.

Hyderabad and Chennai have signed three deals each for 63.5 acres and 48 acres respectively.

Pune, Ahmedabad, Noida and Thane have collectively entered into two land purchase agreements each, covering 103 acres.

Ghaziabad and Delhi have entered into one transaction each for 62.5 acres and 5 acres respectively.

During January-June 2024, one transaction each was completed in Ayodhya, Jaipur and Surat for a total area of ​​353 acres.