constructionweekonline.in-JLL predicts Rs 62,000 cr investment needed for 2024 real estate expansion
According to JLL, the year 2024 marked a watershed year in India’s real estate sector, characterized 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. These strategic land acquisitions, valued at a staggering Rs 39,742 crore, laid the foundation for potential development of 194 million sq-ft of real estate.
While Tier I cities maintained their dominance, accounting for 72% of the land purchases, the year witnessed a significant shift towards smaller urban centers. Tier II and III cities claimed a substantial 28% share of the acquisitions, translating to 662 acres of land. This trend signals a growing recognition of the untapped potential in these emerging markets. Notably, cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as unexpected hotspots in this land acquisition spree. Their prominence in the year’s transactions underscores a broader trend of geographical diversification in real estate development, moving beyond the traditional metropolitan strongholds.
