Developers of India buy 2,335 Acres of Land via 134 Transactions across 23 Cities

According to a survey conducted in 2024 by the international commercial real estate and investment management company JLL, Indian developers purchased 2,335 acres of land valued at Rs. 39,742 crore through 134 transactions taking place in 23 locations.

The land lots that were purchased may support 194 million square feet of construction. Nonetheless, an estimated Rs. 62,328 crore will be needed for their development, with Tier II and Tier III markets receiving the remaining portion of this investment, with 91% of it focused in the top seven metropolitan areas.

Bengaluru, Chennai, Hyderabad, Kolkata, Delhi National Capital Region (NCR), Mumbai Metropolitan Region (MMR), and Pune are all considered Tier I cities. All other markets are Tier II and Tier III cities.

While the value of transactions grew by 23.41%, the total amount of land acquired increased by around 20% compared to 2023.

The cost of land has increased substantially over the last three years, from Rs. 11 crore in 2022 to Rs. 17 crore in 2024, according to JLL data.

With developers acquiring over 407 acres through 19 deals, accounting for 17% of all sales in 2024 and a 41% yearly increase, the Mumbai Metropolitan Region (MMR) became the top in land acquisitions.

In MMR, micro-markets like Khalapur, Palghar, and Khopoli saw transactions involving at least 50 acres. With 36 land agreements finalized throughout the course of the year, Delhi NCR topped the list in terms of the quantity of transactions.

The Tier I cities persist to account high, recording for 72 percent of total land purchases. Tier II & III cities accounted a 28 per share, translating to 662 acres of land. The key cities including Varanasi, Nagpur, Indore, Vrindavan, and Ludhiana emerged as key localities for land acquisitions.