Between 2022 and 2024, real estate developers in India acquired a total of 5,885 acres of land, investing a substantial Rs 90,000 crore to fuel the growing demand for both housing and commercial properties, according to data from real estate consultant JLL India.
The data reveals a steady increase in land acquisitions over the three years. In 2022, developers acquired 1,603 acres of land for Rs 18,112 crore. The following year, in 2023, land purchases grew further, with developers acquiring 1,947 acres of land for Rs 32,203 crore. The trend continued into 2024, when land acquisitions peaked at 2,335 acres, costing developers Rs 39,742 crore.
In total, the period between 2022 and 2024 saw real estate developers acquiring 5,885 acres of land for an aggregate of Rs 90,057 crore, highlighting the ongoing strength of demand in the real estate sector.
It’s important to note that this data only accounts for outright land purchases made by real estate developers. Joint Development Agreements (JDAs), which are agreements signed between landowners and developers, have not been included in this 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.
In 2024, real estate developers acquired 2,335 acres of land, valued at Rs 39,742 crore, which is expected to unlock a development potential of 194 million (1,940 lakh) square feet of real estate. According to JLL India, a significant 81 per cent of the land purchased in 2024 will be allocated for the development of residential projects.
Tier I Cities Dominance
The data also highlights the continued dominance of Tier I cities — Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, the Mumbai Metropolitan Region, and Pune — which together accounted for 72 per cent of the total land acquisitions. Meanwhile, Tier II and Tier III cities made up a notable 28 per cent of the acquisitions, amounting to 662 acres of land.
JLL India remarked that this shift reflects a growing recognition of the untapped potential in emerging markets. Among the surprising hotspots that have emerged during this land acquisition period are cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana, which have drawn increased attention from developers.
