India The real estate sector of Bengaluru witnessed 54 land deals of 1,045 acres in the first half of 2024. In the first half of 2023, 46 land deals of 950 acres were done. This information was received in a report on Sunday. According to the latest data from Anarock, 25 land deals of more than 325 acres were completed in the April-June quarter. In the second quarter of 2024, nine new land deals of 114 acres were done in Bengaluru alone. It is followed by Gurugram. Where seven land deals of 77.5 acres were completed.
Gurugram is second in demand for land
Dr. Prashant Thakur, Regional Director and Advisory and Research Head, Anarock Group, said that all the deals in Bengaluru were for developing residential projects. Thakur further said that Gurugram is next, where seven land deals of 77.5 acres were done in the second quarter of 2024. These deals are related to residential projects and agriculture. Of the total land deals completed in the second quarter of 2024, residential projects are proposed on more than 17 (163 acres). There has been one deal each for agriculture, mixed use, data centers, logistics parks, industrial and retail.
The demand for land is constantly increasing
There has been a steady increase in demand for land for the past few years. Developers are able to easily sell new units after the launch of new projects. Thakur said that Mumbai, which was at the top in land deals in the last few quarters, has only two land deals in the second quarter of 2024, one for industrial purpose and the other for developing a retail area. However, in the first half of 2024, 5 land deals of 34 acres have been done in Mumbai. At the same time, three land deals of 63.5 acres have been done in Hyderabad and three land deals of 48 acres in Chennai.
Two land deals of 103 acres each have been struck in Pune, Ahmedabad, Noida and Thane. The report said that one land deal of 62.5 acres was struck in Ghaziabad and one land deal of 5 acres was struck in Delhi.
Input: IANS
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