Since January of last year, real estate developers have paid nearly Rs 5,000 crore to acquire 1,461 acres of land in Tier 2 and 3 cities to grow their enterprises, according to JLL India.
According to JLL India, since January last year, real estate developers have paid approximately Rs 5,000 crore to acquire 1,461 acres of land in Tier 2 and 3 cities to grow their enterprises. Most of the land bought in these cities will go toward planned development.
Between January 2022 and October 2023, real estate developers in the nation purchased about 3,294 acres of land, according to a statement from real estate consultant JLL India.
JLL data indicates 17 land deals totaling 1,461 acres in Tier 2 and 3 cities between January 2022 and October 2023. Approximately Rs 4,918 crore was the total value of these land deals.
According to the consultant, well-known real estate developers enter new markets by relocating to Tier 2 and 3 cities nationwide.
Developers are making their way into northern cities such as Panipat, Sonipat, Kurukshetra, Panchkula, Lucknow, Jaipur, and Ludhiana, while national players are in western cities like Nagpur, Khalapur, Surat, and Palghar.
JLL stated that approximately 92% of the 1,339 acres of land acquired in Tier 11 and 111 cities are for planned residential developments, which include townships, group housing, and plots.
In these cities, developers typically focus on low-rise and plotted developments because the residents are used to living in these arrangements. In actuality, 1,015 acres worth of land valued at more than Rs 3,163 crore have been reserved and set aside for planned developments, according to JLL.