Indian real estate developers acquired nearly 6,000 acres for Rs 90,000 crore between 2022 and 2024, signalling strong market confidence, according to JLL India. In 2024 alone, 2,335 acres were bought for Rs 39,742 crore. While Tier I cities led acquisitions, Tier II and III cities gained traction, highlighting emerging market potential.
India’s real estate sector has witnessed an unprecedented surge in land acquisitions, with developers securing 5,885 acres for Rs 90,000 crore between 2022 and 2024, according to a report by JLL India. This expansion highlights the industry’s confidence in the continued demand for residential and commercial properties across key cities.
JLL India data reveals a steady increase in land purchases over the past three years. In 2022, developers acquired 1,603 acres for Rs 18,112 crore, followed by 1,947 acres in 2023 for Rs 32,203 crore. The momentum peaked in 2024, with a record 2,335 acres bought for Rs 39,742 crore through 134 transactions in 23 cities.
“The year 2024 marked a watershed year in India’s real estate sector, characterized by a surge in land acquisitions,” JLL India stated. The acquired land in 2024 alone is expected to generate a development potential of 194 million sq ft, catering predominantly to residential projects. The report highlights that 81% of the land purchased in 2024 will be dedicated to housing developments, reinforcing the sector’s strong growth trajectory.
The country’s Tier I cities—Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region, and Pune—dominated land acquisitions, accounting for 72% of the total purchases. However, Tier II and III cities made notable strides, securing 662 acres, which amounts to a significant 28% share. “This trend signals a growing recognition of the untapped potential in these emerging markets,” JLL noted.
Interestingly, cities such as Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana have emerged as unexpected hotspots in the recent land-buying spree, increasing investor confidence in non-metro locations. The report does not account for land procured through joint development agreements (JDAs), focusing solely on outright purchases.
With land acquisitions reaching new highs, the Indian real estate sector appears poised for sustained growth, driven by robust demand for residential and commercial spaces. As developers expand their footprint into established and emerging markets, the industry is set for a dynamic transformation in the coming years.
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