Mumbai is the real king

Mumbai is the real king The financial capital of the country has once again proven its prowess in the real estate sector. Last year, it set a record in land transactions. In 2024, developers purchased nearly 407 acres across 19 transactions, marking the highest amount in the past three years. The Mumbai Metropolitan Region saw a 41% increase in land purchases, from 288.9 acres in 2023 to 407 acres in 2024, according to a report released by JLL India. Notably, transactions in emerging micro-markets like Khalapur, Palghar, and Khopoli saw purchases of over 50 acres. With the volume of transactions rising, the price of land per acre in these regions has also increased significantly.

In 2022, the price of land per acre was Rs 11 crores, which rose to Rs 17 crores in 2024. Leading developers like Birla Estates, K Raheja Corp, and Mahindra & Mahindra played key roles in these transactions. Last September, Birla Estates purchased a 24.5-acre plot from Hindalco in Kalwa, Thane, for Rs 537.42 crores. They also acquired 70.92 acres in Boisar for Rs 104.32 crores. In December, K Raheja Corp acquired a 5.75-acre plot in Ashok Nagar, Kandivali East, for Rs 466 crores. In August, they also purchased The Bayside Mall and Popular Press near Haji Ali Junction, Tardeo, for Rs 355 crores.

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The report also highlighted strong land transactions across the country. Developers acquired 2,335 acres through 134 transactions in 23 major cities, totaling Rs 39,742 crores. These transactions offer the opportunity for 194 million square feet of real estate development. Tier I cities accounted for 72% of the total land deals, while smaller towns also performed well. Tier II and III cities contributed to 28% of the transactions, with 662 acres involved. Cities like Nagpur, Varanasi, Indore, Vrindavan, and Ludhiana have emerged as unexpected hotspots.