Real Estate Expansion Surge: Developers Acquire 5,885 Acres Amidst Housing Demand Boom

Real estate developers acquired 5,885 acres of land during 2022-24 for Rs 90,000 crore. The 2024 acquisitions alone accounted for 2,335 acres valued at Rs 39,742 crore, primarily for residential projects in Tier I cities, with emerging Tier II and III cities showing potential.

Real estate developers have made significant strides in land acquisition, securing 5,885 acres across India from 2022 to 2024 for a staggering Rs 90,000 crore, according to JLL India. This reflects a robust demand for housing and commercial properties.

The data shows an impressive capital outlay: 1,603 acres acquired for Rs 18,112 crore in 2022, 1,947 acres for Rs 32,203 crore in 2023, and an ambitious 2,335 acres costing Rs 39,742 crore in 2024. These figures exclude joint development agreements and focus solely on outright purchases.

2024 marked a pivotal year with developers targeting Tier I cities like Bengaluru, Chennai, Delhi-NCR, and Mumbai, accounting for 72% of this acquisition. Still, the untapped potential in Tier II and III cities is evident, as they garnered 28% of the acquired land, equating to 662 acres. Cities such as Nagpur and Varanasi emerged as new hotspots, signaling broader opportunities in the real estate landscape.

(With inputs from agencies.)