Mumbai Metropolitan Region (MMR) led India’s real estate land acquisitions in 2024, with developers securing around 407 acres across 19 transactions, marking the highest figure in three years. According to a JLL India report, this reflects a 41% increase from the previous year’s 288.9 acres. Major deals included large single-plot acquisitions of over 50 acres in emerging micro-markets like Khalapur, Palghar, and Khopoli. This surge highlights growing confidence in MMR’s property market and rising demand for large-scale residential and commercial projects.
The average per-acre cost in MMR also increased significantly, climbing from approximately ₹11 crore in 2022 to ₹17 crore in 2024. Prominent developers like Birla Estates, K Raheja Corp, and Mahindra & Mahindra were key players driving this trend. Birla Estates secured a 24.5-acre plot in Thane’s Kalwa area for ₹537.42 crore, while K Raheja Corp acquired a 5.75-acre plot in Kandivali East for ₹466 crore and multiple properties near Haji Ali Junction. Mahindra & Mahindra sold a 20.5-acre plot in Kandivali’s Akurli area for ₹210 crore to Pune-based Blueprintify Properties.
The JLL report also noted that nationwide, developers acquired 2,335 acres across 134 transactions valued at ₹39,742 crore, with potential for 194 million sq. ft of development. Tier I cities accounted for 72% of the land deals, but Tier II and III cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana saw increased activity, highlighting growing interest in smaller urban centres.
Industry experts expect the rising cost of land acquisitions to lead to higher property prices as developers factor in increased construction costs and labour wages. Developers are expanding their land banks strategically to support future projects, indicating sustained growth in India’s real estate market. MMR’s dominance underscores its critical role in shaping India’s property sector in the coming years.
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