Developers Bought 415 Acres in Delhi-NCR for Rs 9,120 Crore in 2023: Report

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    Last year, real estate developers snapped up 415 acres of land in Delhi-NCR for approximately Rs 9,120 crore to construct residential and commercial projects, JLL reported.

    The majority of these acquisitions occurred in Gurugram, where about 264 acres (64%) of land, valued at over Rs 5,300 crore, was purchased. Noida followed with over 59 acres (14%) of land bought for Rs 1,775 crore. Delhi, Faridabad, and Sonipat also saw some land acquisitions. JLL’s analysis only includes outright purchases by developers and excludes Joint Development Agreements (JDAs).

    Driven by increasing property demand, developers across the country are bolstering their project pipelines by investing in land acquisitions. In 2023, developers acquired a total of 1,947 acres of land valued at Rs 32,203 crore through 111 separate deals. This marks a 21% increase in land acquisition compared to 2022.

    Of the total land acquired, approximately 1,365 acres are earmarked for housing projects, with a development potential of around 176 million sq ft. The average transacted value of land in 2023 rose by 46% to Rs 16.5 crore per acre, attributed to higher transactions in Tier 1 cities and established prime micro markets.

    In other major cities, land acquisitions were also notable. Bengaluru saw 305 acres of land acquired for Rs 3,412 crore, while the Mumbai Metropolitan Region (MMR) witnessed 24 deals over 289 acres valued at Rs 11,222 crore.

    Chennai recorded eight land deals covering 209 acres at Rs 1,220 crore. Additionally, prominent developers acquired land in cities like Nagpur, Ludhiana, Ahmedabad, and Ayodhya, with Ludhiana leading in land area acquisition among Tier 2 and 3 cities with approximately 320 acres transacted.

    (Credits: Zeebiz, JLL)

    Also read: Godrej Properties Secures 6.4-Acre Plot in Noida for Rs 506 Cr

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