Real Estate Developers Acquire Land in India 🏢🌍
In 2024, real estate developers in India bought 2,335 acres of land worth Rs 39,742 crore across 23 major cities. This information comes from a report by JLL released on Wednesday. With these acquisitions, there is a potential for developing 194 million square feet of real estate, which will need an investment of about Rs 62,000 crore.
Tier 1 Cities Lead the Way 🌆
The report highlights that Tier 1 cities continue to dominate land acquisitions, accounting for 72 percent of the total. Meanwhile, Tier 2 and Tier 3 cities, which include places like Nagpur, Varanasi, and Indore, have together secured 28 percent of the land, totaling 662 acres.
Rising Land Prices 📈
According to JLL, the cost of land per acre has been steadily increasing. It jumped from around Rs 11 crore in 2022 to Rs 17 crore in 2024. This trend shows how valuable land has become in recent years.
Strong Performance in Real Estate 🏘️
After the challenges posed by COVID-19, 2024 has turned out to be a strong year for real estate, especially in the office and residential sectors. Developers are actively investing in land for future projects, indicating a positive outlook for the industry.
Leading Regions for Land Acquisition 🌟
The Mumbai Metropolitan Region (MMR) has emerged as a leader in land acquisition, with developers acquiring about 407 acres through 19 deals, making up 17 percent of all transactions this year. Gurugram led NCR with the highest number of deals at 21, followed by Noida with 14, and one deal in Ghaziabad. Overall, the broader land acquisition will need a capital investment of Rs 62,328 crore for development, based on current construction costs.
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