Kolkata, Mar 12 (Reporter) The year 2024 marked a watershed year in India's real estate sector, characterized by a surge in land acquisitions. Developers across the country embarked on an ambitious expansion drive, securing a vast 2,335 acres of land through 134 distinct transactions in key 23 cities. These strategic land acquisitions, valued at a staggering INR 39,742 crore, laid the foundation for potential development of 194 million sq. ft of real estate,according to , Chief Economist and Head of Research and REIS, India, JLL. Samantak Das While Tier I cities maintained their dominance, accounting for 72 percent of the land purchases, the year witnessed a significant shift towards smaller urban centers. Tier II and III** cities claimed a substantial 28 pc share of the acquisitions, translating to 662 acres of land. This trend signals a growing recognition of the untapped potential in these emerging markets. Notably, cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana emerged as unexpected hotspots in this land acquisition spree. Their prominence in the year's transactions underscores a broader trend of geographical diversification in real estate development, moving beyond the traditional metropolitan strongholds. This strategic pivot towards a more balanced urban development model not only reflects changing market dynamics but also hints at a future where growth is more evenly distributed across India's urban landscape. Tier 1 cities include the top 7 markets in India – Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region and Pune. Tier II and III cities include all the other markets not covered in Tier I cities. The analysis indicated that the transacted per acre land cost increased continuously in the last three years from Rs Rs 11 crore in 2022 to Rs 17 crore in 2024. Post COVID-19, 2024 stands out as the best-performing year for real estate across office and residential asset classes reflected by the strong performance indicators of both demand and supply. As the real estate sector’s upward growth trajectory continues, developers are investing steadily in building their land bank across the country for their future development pipeline. The Mumbai Metropolitan Region (MMR) emerged as the frontrunner in land acquisition for 2024, with developers securing approximately 407 acres through 19 separate deals, accounting for 17 pc of the year's total land transactions. This represents a significant 41 pc increase from the previous year's 288.9 acres. Notable transactions included single deals of 50 acres or more in micro-markets such as Khalapur, Palghar, and Khapoli. While MMR led in terms of land area acquired, the National Capital Region (NCR) surpassed other cities in the number of deals closed, with 36 land transactions throughout the year. Within NCR, Gurugram saw the highest activity with 21 deals, followed by Noida with 14, and Ghaziabad with one. “In 2024, 81% of the land acquired during the year by developers was earmarked for proposed residential developments. This would translate into a massive development potential of 158 million sq. ft and cater to the ever-increasing housing demand in the country. Developers are banking on the continued home buying interest in the residential sector as a top priority for augmenting their new supply pipeline. The recent reduction in policy rate by the Reserve Bank of India and the fiscal impetus given to the middle class in the last union budget are likely to keep the demand growth trajectory elevated. These developments will support the upcoming residential supply. Other asset classes such as industrial and warehousing, office, retail and hospitality witnessed limited developer interest for proposed land bank use, when compared to the traction in the residential sector” said Das...////...