Real estate developers in India are becoming more selective about land acquisitions, with joint development agreements (JDAs) accounting for a growing share of transactions during the first nine months of 2026. According to Anarock Research & Advisory, developers closed 76 land transactions covering approximately 1,445 acres during January-September 2026, compared with 99 deals spanning nearly 3,292 acres in the corresponding period of 2025.
The decline in both transaction volumes and total acreage indicates a more cautious approach to land purchases. Rising land costs and considerations around parcel size, location and project feasibility are influencing acquisition decisions. Developers are increasingly evaluating land opportunities based on their suitability for specific projects rather than pursuing large-scale outright purchases.
Joint Development Agreements Gain Share
Joint development agreements are becoming a preferred route for developers seeking to expand their project pipelines while managing upfront land acquisition costs. Of the 76 land transactions recorded during 9M 2026, at least 19 were JDAs, accounting for 25% of the total deals.
The growing preference for this arrangement is also visible in the longer-term trend. JDA transactions increased from 10 in 2022 to 30 in 2025. Their share of overall land deals also rose from approximately 12% in 2022 to nearly 24% in 2025.
Under the JDA model, developers enter into agreements with landowners to develop properties, with both parties sharing the revenue, developed area or other agreed benefits. This approach allows developers to access land without committing substantial capital towards outright purchases.
Large Land Transactions Witness Decline
The number of large land transactions involving parcels of 50 acres or more declined considerably during the first nine months of 2026. Only five such deals were recorded, compared with 12 during the corresponding period in 2025.
The total acreage involved in these transactions also fell to approximately 588 acres from nearly 2,398 acres a year earlier.
Between 2022 and 9M 2026, India recorded 516 land transactions covering approximately 12,958 acres. The highest number of deals was registered in 2024, with 133 transactions spanning more than 2,515 acres. However, 2025 recorded the highest cumulative acreage, with 126 deals covering approximately 3,772 acres.
Established Markets Account for Most Transactions
The seven established real estate markets, comprising Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Hyderabad, Pune, Chennai and Kolkata, accounted for approximately 86% of the 516 land transactions recorded between 2022 and 9M 2026.
However, these markets represented only around 57% of the total acreage transacted during the period. This indicates that larger land parcels are increasingly being acquired in Tier-II and Tier-III cities.
According to Anarock, MMR, NCR and Bengaluru were among the leading markets in terms of cumulative land acquisitions, followed by Ahmedabad and Hyderabad. Ahmedabad recorded approximately 1,460 acres across just 14 transactions, with a few large deals contributing significantly to its total acreage.
Tier-II and Tier-III Cities Attract Large Land Deals
Smaller cities are accounting for a growing share of large land transactions. Of the 516 deals recorded between 2022 and 9M 2026, 61 involved land parcels measuring 50 acres or more. These transactions collectively represented approximately 63% of the total acreage acquired during the period.
Nearly half of these large transactions, comprising 29 deals, were located outside the seven established metropolitan markets.
Gujarat emerged as a major destination for large land acquisitions, with Ahmedabad, Surat and Vadodara together accounting for approximately 2,020 acres. Coimbatore recorded around 770 acres, while Amritsar, Nagpur, Panipat and Ludhiana also witnessed significant land transactions despite having relatively fewer deals.
The largest individual transactions included a 714-acre deal in Coimbatore, a 600-acre transaction in Hyderabad and two major acquisitions covering 500 acres and 440 acres in Ahmedabad.
The changing pattern of land acquisitions indicates that developers are reassessing their expansion strategies. While established metropolitan markets continue to account for a majority of transactions, larger land parcels in smaller cities and the increasing use of JDAs are shaping the next phase of real estate development in India.
