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The Mumbai Metropolitan Region (MMR) saw a significant increase in land acquisitions, with developers purchasing 407 acres across 19 deals-the highest in three years. Nationwide, land purchases grew by 41%, with major deals in MMR involving prime locations like Khalapur, Palghar, and Khopoli. Developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra led key transactions. Land prices surged from INR 11 crore to INR 17 crore per acre. Most land was acquired for residential projects, with growing interest in Tier II and III cities like Nagpur and Indore, signaling strong future real estate activity.
The Mumbai Metropolitan Region (MMR) witnessed a marked rise in land acquisitions over the past year, with developers acquiring approximately 407 acres spread across 19 transactions. This figure represents the highest level of activity recorded in the last three years. This increase reflects a broader nationwide trend, where land acquisitions grew by 41% compared to the previous year's 288.9 acres, as stated in a report published by global real estate consultancy JLL India earlier this month.. Advertisement
Among the most significant deals in MMR were substantial single-plot acquisitions, each spanning 50 acres or more, situated in emerging micro-markets such as Khalapur, Palghar, and Khopoli. In addition to the heightened volume of transactions, the per-acre cost of land in the region saw a sharp increase, rising from approximately INR 11 crore in 2022 to INR 17 crore over the past year.
Developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra played a central role in driving this acquisition momentum. Birla Estates, in September, finalised the purchase of Hindalco's 24.5-acre plot located in Kalwa, Thane, for INR 537.42 crore. Another significant deal involved the acquisition of 70.92 acres in Boisar for INR 104.32 crore.
In December, K Raheja Corp Real Estate secured a 5.75-acre plot in Ashok Nagar, Kandivali East, for INR 466 crore. This transaction followed its earlier purchases in August of The Bayside Mall and Popular Press in Tardeo, near Haji Ali Junction, for over INR 355 crore. Mahindra & Mahindra sold a 20.5-acre plot in the Akurli area of Kandivali to Pune-based Rucha Group's Blueprintify Properties for INR 210 crore in July.
The JLL report further revealed that the nationwide land acquisition activity involved the procurement of 2,335 acres through 134 transactions across 23 key cities. Approximately 81% of the land acquired over the past year had been earmarked for residential development. Additionally, 11% of the land had been allocated for industrial and warehousing purposes, while 4% was designated for office space developments.
While Tier I cities accounted for 72% of the total land deals, there was a noticeable shift in focus towards smaller cities. Tier II and III locations represented 28% of total acquisitions, covering 662 acres. Emerging real estate hotspots included cities such as Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana, highlighting the growing appeal of these markets.
The dynamic changes in the real estate landscape are evident in the rising land prices and the focus on emerging micro-markets. This reflects the growing ambitions of India's top real estate developers, who are strategically expanding their land banks. This points to robust activity in the near future, with increased development in residential, industrial, and office spaces.
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