India’s real estate sector registered a fall in land acquisition deals by developers and other entities in the sector quarter of 2024, dented by the country’s general elections and the heated land prices, a market report said.
The number of land deals closed in Q2, 2024 dropped to 25 transactions for just over 325 acres’ area, according to the latest data by Anarock, a leading real estate consultancy operating in India and GCC.
In contrast, Q1 2024 saw 29 land deals for over 721 acres across the country, it said.
The report, however, said the first half of this year saw more land acquisition deals closed at 54 for over 1,045 acres, compared to 46 deals in H1, 2023 for approx. 950 acres.
Of total land deals in Q2, 2024, 17 land acquisition deals for over 163 acres are proposed for residential development, and one each for mixed-use development, data centers, logistics park, industrial and retail and mixed-use.
The South Indian city of Bengaluru topped the list with 9 land deals for 114 acres in Q2 2024, followed by Gurugram with 7 deals for 77.5 acres
Prashant Thakur, Regional Director & Head – Research & Advisory, Anarock Group, said while Bengaluru continues to be a hotbed for residential development, Gurugram has also upped its game.
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