Mumbai has seen record land acquisitions in 2024, with developers buying 407 acres in 19 transactions. This is a 41% increase from 288.9 acres in 2023. The data came from a JLL India study published on Wednesday, March 12.
Some of the biggest deals included purchases of over 50 acres in Khalapur, Palghar, and Khopoli. The cost of land has also surged from INR 11 crore per acre in 2022 to INR 17 crore in 2024.
Major developers led this buying spree. Birla Estates bought Hindalco’s 24.5-acre land in Kalwa, Thane, for INR 537.42 crore in September. Another major deal involved 70.92 acres in Boisar, purchased for INR 104.32 crore.
K Raheja Corp Real Estate also made big purchases. In August, the company bought The Bayside Mall and Popular Press in Tardeo for over INR 355 crore. In December, it acquired 5.75 acres in Ashok Nagar, Kandivali East, for INR 466 crore.
Mahindra & Mahindra also made key transactions. In July, it sold 20.5 acres in Akurli, Kandivali, to Blueprintify Properties. The Pune-based Rucha Group owns this company. The deal was worth INR 210 crore.
A similar trend was seen nationwide. Developers bought 2,335 acres in 134 deals across 23 major cities. The total value of these acquisitions was INR 39,742 crore. These purchases could result in 194 million square feet of new real estate.
As per sources, real estate prices are expected to rise as developers may pass on the higher land costs. Inflation and increasing wages could also push property prices higher.
Most of the land was bought in Tier I cities, with 72% of the total acquisitions. However, Tier II and III cities saw growing interest. They made up 28% of purchases, with 662 acres sold.
The National Capital Region (NCR) had the highest number of deals. It recorded 36 transactions. Gurugram led with 21 deals. Noida followed with 14, while Ghaziabad had one. Despite NCR's lead in transaction numbers, MMR saw the most land acquired.
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