"Real Estate Titans Secure 1,461 Acres Across Tier-2 and Tier-3 Cities, According to Latest Report"

In the last 22 months, real estate developers have made significant strides in acquiring approximately 1,461 acres of land for residential projects in tier-2 and tier-3 cities, as reported by JLL. A substantial 44.4 percent of these transactions, totaling ₹4,918 crore, unfolded across 17 deals within these cities.

Throughout this period, the total land acquisition by developers in the country reached around 3,294 acres, with a pronounced concentration in the northern and western regions. Cities like Panipat, Ludhiana, Nagpur, and Panchkula played pivotal roles, collectively accounting for 75 percent of the acquired land.

The surge in land acquisitions is attributed to the burgeoning demand and increased purchasing power of customers. Esteemed developers such as Godrej Properties, M3M, Eldeco Group, and Omaxe Group have strategically entered or expanded their presence in these burgeoning markets through recent land acquisitions. Assessments of sales potential hinge on the development capacity of the area and average saleable prices in the micro markets where these transactions occurred.

Of the acquired land, a substantial 91.6 percent (1,339 acres) is earmarked for prospective residential developments, with a specific emphasis on low-rise and plotted formats, aligning with the preferences of the local residents. Noteworthy is the allocation of approximately 1,015 acres for plotted developments, valued at over ₹3,163 crore. Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL, anticipates a sustained robustness in the residential market, foreseeing new land acquisitions in strategic locations that will catalyze the next wave of growth and expansion.

HBL