 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Indian developers acquired 2,335 acres of land worth Rs 39,742 crore through 134 transactions across 23 cities in 2024, according to a study by JLL, a global commercial real estate and investment management firm.
The acquired land parcels have the potential to accommodate developments spanning 194 million square feet. However, an estimated Rs 62,328 crore will be required for their development, with 91 per cent of this investment concentrated in the top seven metropolitan cities, while the remaining will be allocated to Tier II and Tier III markets.
Tier I cities include Bengaluru, Chennai, Delhi National Capital Region (NCR), Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune. Tier II and III cities comprise all other markets.
Compared to 2023, the total land acquired increased by about 20 per cent, while the value of transactions rose by 23.41 per cent.
JLL data also indicated that the per-acre land cost has risen steadily over the past three years, from Rs 11 crore in 2022 to Rs 17 crore in 2024.
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MMR and Delhi NCR lead in land acquisitions
The Mumbai Metropolitan Region (MMR) emerged as the leader in land acquisitions in 2024, with developers securing approximately 407 acres through 19 deals, representing 17 per cent of the year’s total transactions and marking a 41 per cent annual increase.
Micro-markets such as Khalapur, Palghar, and Khopoli in MMR saw deals of 50 acres or more. In terms of the number of transactions, Delhi NCR led the list with 36 land deals closed during the year.
Tier I cities continued to dominate, accounting for 72 per cent of total land purchases. Tier II and III cities recorded a 28 per cent share, translating to 662 acres of land. Cities such as Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as key locations for land acquisitions.
Majority of land earmarked for residential development
According to Dr Samantak Das, chief economist and head of research and REIS, India, JLL, 81 per cent of the land acquired in 2024 has been earmarked for residential developments, requiring an estimated Rs 49,000 crore in investment.
Additionally, 11 per cent of the acquired land has been allocated for industrial and warehousing developments, while 4 per cent has been set aside for office spaces.
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