Realty firms buy nearly 6,000 acres land during 2022-24 for Rs 90,000 crore to build projects

Real estate developers have acquired 5,885 acres land during 2022-24 for Rs 90,000 crore to build projects amid strong demand for housing and commercial assets, according to JLL India.

Real estate consultant JLL India data showed that real estate developers bought 1,603 acres of land in 2022 for Rs 18,112 crore, 1,947 acres in 2023 for Rs 32,203 crore.

During 2024, the land acquisition by developers touched 2,335 acres costing Rs 39,742 crore.

During the 2022-24 period, real estate developers bought 5,885 acres for Rs 90,057 crore.

The data includes only outright purchases by real estate developers, the consultant said.

Joint development agreements (JDAs), signed between developers and land owners, have not been included for the analysis.

"The year 2024 marked a watershed year in India's real estate sector, characterised by a surge in land acquisitions. Developers across the country embarked on an ambitious expansion drive, securing a vast 2,335 acres of land through 134 distinct transactions in key 23 cities," JLL India said.

The land acquisitions of 2,335 acres in 2024, valued at Rs 39,742 crore, will generate development potential of 194 million (1,940 lakh) sq ft of real estate.

The consultant said 81 per cent of the land bought in 2024 will be used for development of residential projects.

Tier I cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region and Pune -- maintained their dominance, accounting for 72 per cent of land purchases.

Tier II and III cities claimed a substantial 28 per cent share of the acquisitions, translating to 662 acres of land.

"This trend signals a growing recognition of the untapped potential in these emerging markets," JLL said.

Notably, cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as unexpected hotspots in this land acquisition spree, the consultant added.