MMR leads India’s real estate land rush with record deals in 2024 | Mumbai news
Mumbai: The Mumbai Metropolitan Region (MMR) witnessed a surge in land acquisitions in 2024, with developers securing approximately 407 acres across 19 transactions—the highest in the last three years. This uptick is part of a broader nationwide trend, where land acquisitions soared by 41% from the previous year’s 288.9 acres, (SEE BOX) according to a report by global real estate consultancy JLL India released on Wednesday.
The most significant deals in MMR included large single-plot acquisitions of 50 acres or more in emerging micro-markets like Khalapur, Palghar, and Khopoli. Alongside the increased volume of transactions, the per-acre cost of land in the region also climbed sharply, rising from approximately ₹11 crore in 2022 to ₹17 crore in 2024.
Prominent developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra were among the key players driving this acquisition spree. In September 2024, Birla Estates acquired Hindalco’s 24.5-acre plot in Thane’s Kalwa area for ₹537.42 crore, while another major transaction saw the purchase of 70.92 acres in Boisar for ₹104.32 crore.
In December, K Raheja Corp Real Estate secured a 5.75-acre plot in Kandivali East’s Ashok Nagar for ₹466 crore, adding to its August acquisitions of The Bayside Mall and Popular Press in Tardeo, near Haji Ali Junction, for over ₹355 crore. Mahindra & Mahindra also made strategic moves, selling a 20.5-acre plot in Kandivali’s Akurli area to Pune-based Rucha Group’s Blueprintify Properties for ₹210 crore in July.
Industry experts suggest that the rising cost of land acquisitions will inevitably impact real estate prices. A senior industry observer told Hindustan Times that homebuyers can expect an increase in property prices in the coming years, as developers pass on the higher land costs, combined with inflation-driven hikes in construction expenses and labour wages.
The JLL report also highlighted a nationwide land-buying spree, with developers acquiring 2,335 acres through 134 transactions across 23 major cities. These acquisitions, valued at ₹39,742 crore, hold the potential for 194 million sq. ft of real estate development.
While Tier I cities accounted for 72% of the total land deals, there was a notable shift towards smaller urban centres. Tier II and III cities made up 28% of acquisitions, with 662 acres transacted. Cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as unexpected hotspots, underscoring the growing demand for real estate in these emerging markets.
Developers are steadily expanding their land banks to fuel future projects. “We completed four projects last year and immediately replaced them with four new acquisitions,” said Amit Jain, chairman and managing director of Arkade Developers. “2024 was a landmark year, with a strong focus on land acquisition. We acquired four acres at Filmistan in Goregaon West to develop premium 3 and 4 BHK residences.”
While MMR led in terms of total land area acquired, the National Capital Region (NCR) recorded the highest number of transactions, with 36 deals closed in 2024. Within NCR, Gurugram was the most active market with 21 deals, followed by Noida with 14 and Ghaziabad with one.
