The real estate sector has seen a tremendous boom in recent years. Not only flats but land prices have increased rapidly. If you too are not able to buy land or plot in your budget, then a big truth has been revealed now. After all, why the prices of land are increasing so fast.
A report from the realty sector advisory firm JLL India has come. This report talks about the increasing demand for residential and commercial property in the country. But at the same time it also shows a unique trend, which clearly indicates the reason for the rising prices of the land.
According to JLL India, the demand for land has increased from real estate developers in the country. Between 2022 and 2024, real estate developers have invested in buying land 90,000 crore rupees. The developers have acquired a total of 5,885 acres of land.
JLL India data showed that real estate developers bought 1,603 acres of land for Rs 18,112 crore in 2022, 1,947 acres for Rs 32,203 crore in 2023. Whereas in 2024, developers have bought land up to 2,335 acres at a cost of Rs 39,742 crore. In this way, between 2022 and 2024, real estate developers bought 5,885 acres of land for Rs 90,057 crore.
The big thing is that this data includes only direct purchase of real estate developers. Whereas developers and land owners also work in collaboration at many places across the country. These land deals have not been included in this study. This shows that the demand for land has increased not only from individuals, but also from the developers, due to which its prices are increasing.
JLL India says that 2024 has been important for the real estate sector of India. Developers across the country have acquired 2,335 acres of land in 23 major cities. Use of 81 percent of the land purchased in 2024 will be for residential projects. The rest of the land can be kept for commercial purpose and mixed use. Most of the land was purchased in Tier-1 Cities. Among the total land, the stock of cities like Bangalore, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region and Pune is 72 percent. Tier II and III cities have been totaling 28 percent of the land and it is equal to 662 acres.
