Mumbai, Jul 21 (IANS): India saw more than 54 new land deals for over 1,045 acres in the real estate sector in the first half of this year, against 46 deals for nearly 950 acres in H1 2023, a report showed on Sunday.

In the April-June period (Q2), the number of land deals closed, was 25 for over 325 acres, according to latest Anarock data.

Bengaluru led with nine new land deals for 114 acres in Q2 2024, followed by Gurugram with seven deals for 77.5 acres.

According to Dr Prashant Thakur, Regional Director and Head-Research & Advisory, Anarock Group, all deals in Bengaluru are proposed for residential developments.

“Gurugram followed, remaining a hot market for land deals in Q2 2024. As many as seven deals for over 77.5 acres were closed here in this period for residential development and agriculture,” Thakur informed.

Of the total land deals closed in Q2 2024, over 17 for more than 163 acres have been proposed for residential developments. Agriculture, mixed-use development, data centres, logistics parks, industrial, and retail saw one deal each.

Demand has been soaring here in the last couple of years, and developers are able to sell units in new projects very quickly post launch.

“Mumbai, which topped in land deals in the previous quarters, saw just two land deals closed in Q2 2024 -- one for industrial purposes and the other for retail development,” said Thakur.

Mumbai saw five land deals for nearly 34 acres in the first half this year (H1 2024).

Hyderabad and Chennai each closed three deals for approx 63.5 acres and 48 acres, respectively.

Pune, Ahmedabad, Noida and Thane collectively closed two land deals each for about 103 acres.

Ghaziabad and Delhi closed one deal each for about 62.5 acres and 5 acres, respectively, the report mentioned.