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Developers log land purchases worth mn in last 17 months
Real estate developers have acquired around 2,181, acres of land in the last 17 months (January 22 – May 2023) valued at over 260,000 mn, with an estimated development potential of around 209 million square feet in 104 deals, according to real estate consultant JLL. Around 578 acres was acquired in the first five months of the calendar year 2023. JLL data indicates that branded developers have successfully closed many transactions in top metropolitan cities as well as tier 2 and 3 cities.
According to JLL, Delhi NCR, Chennai, Mumbai Metropolitan Region and Bengaluru lead in terms of total land area transacted accounting for 72 per cent share (around 1,576 acres) having a development potential of around 150 million square feet in 79 separate land deals. Pune,Kolkata and Hyderabad together account for 9 per cent share. The rest was contributed by cities like Surat, Ahmedabad, Jaipur, Lucknow, Nagpur, Panchkula, and Kurukshetra.
With a combined share of 73% of the land transactions in Delhi NCR over the last 17 months, the submarkets of Panipat and Gurgaon are in the lead.
Delhi NCR and Mumbai Metropolitan Region are in first place in terms of transactions, with 53 transactions total in the previous 17 months, according to the research.
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