Actual property builders have acquired 5,885 acres land throughout 2022-24 for Rs 90,000 crore to construct initiatives amid robust demand for housing and business belongings, based on JLL India.
Actual property marketing consultant JLL India information confirmed that actual property builders purchased 1,603 acres of land in 2022 for Rs 18,112 crore, 1,947 acres in 2023 for Rs 32,203 crore.
Throughout 2024, the land acquisition by builders touched 2,335 acres costing Rs 39,742 crore. In the course of the 2022-24 interval, actual property builders purchased 5,885 acres for Rs 90,057 crore. The information contains solely outright purchases by actual property builders, the marketing consultant stated.
Joint improvement agreements (JDAs), signed between builders and land house owners, haven’t been included for the evaluation.
‘The 12 months 2024 marked a watershed 12 months in India’s actual property sector, characterised by a surge in land acquisitions. Builders throughout the nation launched into an formidable enlargement drive, securing an enormous 2,335 acres of land by means of 134 distinct transactions in key 23 cities,’ JLL India stated. The land acquisitions of two,335 acres in 2024, valued at Rs 39,742 crore, will generate improvement potential of 194 million (1,940 lakh) sq ft of actual property.
The marketing consultant stated 81 per cent of the land purchased in 2024 shall be used for improvement of residential initiatives. Tier I cities — Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Area and Pune — maintained their dominance, accounting for 72 per cent of land purchases.
Tier II and III cities claimed a considerable 28 per cent share of the acquisitions, translating to 662 acres of land. ‘This development alerts a rising recognition of the untapped potential in these rising markets,’ JLL stated.
Notably, cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as sudden hotspots on this land acquisition spree, the marketing consultant added.