Land deals fell in Q2 due to rising prices.

NEW DELHI: Land acquisition by developers and other entities plunged in the second quarter of this year (April-June) as the 2024 general elections and skyrocketing land prices dampened sentiments. The number of land deals closed in Q2 2024 came down to 25 transactions for over 325 acres’ area, according to data shared by property consultant ANAROCK. In contrast, Q1 2024 saw about 29 land deals for over 721 acres closed across the country.

Prashant Thakur, Regional Director & Head – Research & Advisory, ANAROCK Group, states that from across cities, Bengaluru topped in the number of land deals. “The city saw 9 separate deals for about 114 acres closed in Q2 2024.

All deals are proposed for residential developments. Gurugram followed, remaining a hot market for land deals in Q2 2024. As many as 7 deals for over 77.5 acres were closed here in this period for residential development and agriculture.”

Of the total land deals closed in Q2 2024 (Apr.-June), over 17 for more than 163 acres have been proposed for residential developments. Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail saw one deal each. “While Bengaluru continues to be a hotbed for residential development, Gurugram has also upped its game,” said Thakur.