India, March 15 -- Real estate developers acquired 2,335 acres of land for Rs.39,742 crore across 134 transactions in 23 cities, paving the way for 194 million sq. ft of potential development. While Tier I cities accounted for 72% of the land purchases, Tier II and III cities saw a significant shift, capturing 28% of the land, or 662 acres, a report by JLL has said.

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 ...