After three years of strong deals growth, India’s land acquisition market is moderating, with developers balancing expansion against rising land costs and project viability. Joint development arrangements (JDAs) are becoming more apparent in the acquisition mix, according to latest data from Anarock Research & Advisory.
“The first nine months of 2026 saw 76 land deals for around 1,445 acres, signalling a more cautious and selective acquisition strategy,” says Mayank Saksena – MD & CEO – Land Services, Anarock Group. “With project economics becoming more important, developers are increasingly turning to JDAs with existing landowners. These are distinct from joint ventures or JVs, where developers partner with other developers who have constrained ability to complete projects. Under a JDA arrangement, a developers can access land and build projects via a partnership rather via an outright purchase. Transactions partners now have their hands full with crafting such partnerships.”
Indeed, the number of JDA transactions rose from 10 in 2022 to 30 in 2025 and the share of total JDA deals increased from around 12% to nearly 24% in 2025 and further to 25% in 9M 2026. In short, JDAs accounted for one in every four land deals in first nine months of 2026. Of the 76 deals closed in the period, at least 19 were JDAs.
9M 2026 recorded 76 deals for approx. 1,445 acres, against 99 deals over nearly 3,292 acres in the corresponding period last year.
| Year | Total deals | JDA deals | JDA share |
| 2022 | 83 | 10 | 12% |
| 2023 | 98 | 11 | 11% |
| 2024 | 133 | 23 | 17% |
| 2025 | 126 | 30 | 24% |
| 9M 2026 | 76 | 19 | 25% |
Source: Anarock Research & Advisory
Recalibration after 3-year expansion
Between 2022 to 9M 2026, a total of 516 deals spanning 12,958 acres were closed across the country. While 2024 saw the highest number of land deals (133) spanning over 2,515 acres, 2025 stood out in terms of acreage – 126 deals over 3,772 acres. 9M 2026 saw 76 deals for around 1,445 acres. Large transactions (50+ acres) fell from 12 in 9M 2025 to just five in 9M 2026, with their combined acreage dropping from approx. 2,398 acres to 588 acres in the same period.
| Year | Total No. of Land Deals | Total acreage |
| 2022 | 83 | 2,509 |
| 2023 | 98 | 2,717 |
| 2024 | 133 | 2,515 |
| 2025 | 126 | 3,772 |
| 2026** | 76 | 1,445 |
| Total | 516 | 12,958 |
Source: Anarock Research & Advisory
MMR & NCR remain largest markets, Tier 2 & 3 cities gain ground
Between 2022 and 9M 2026, the Mumbai Metropolitan Region (MMR) led land acquisition with approximately 2,798 acres, followed by the National Capital Region (NCR) with 2,012 acres, and Bengaluru at 1,679 acres. Ahmedabad was an outlier with five transactions of 50 acres or more accounting for nearly 93% of the city’s total tracked acreage – highlighting how a handful of large deals significantly impact a market’s totals.
Trends indicate that developers continue to buy land in the established metros, but the biggest parcels are increasingly being acquired in tier 2 and 3 markets. Between 2022 and 9M 2026, MMR (about 1,965 acres), NCR (about 1,570 acres) and Bengaluru (about 1,540 acres) led on cumulative acreage. They were followed by Ahmedabad (about 1,460 acres from just 14 deals) and Hyderabad (about 995 acres).
The seven established metros (MMR, NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata) accounted for about 86% of the 516 deals on record but only about 57% of the roughly 12,960 acres were acquired. Smaller and mid-sized deals remain concentrated in established markets, while larger land transactions are being done in smaller towns and cities.
“That pattern is clearest in big-ticket deals,” says Mayank Saksena. “The 61 transactions of 50 acres or more accounted for about 63% of all acreage, and nearly half of them (29) were outside the seven established metros. Gujarat was the strongest market for such deals, with Ahmedabad, Surat and Vadodara together accounting for about 2,020 acres, or roughly 16% of the total. Coimbatore with about 770 acres, and Amritsar, Nagpur, Panipat and Ludhiana also featured in the top 12 on cumulative acreage, despite very few deals.”
The largest single transactions were a 714-acre deal in Coimbatore, a 600-acre deal in Hyderabad, and two Ahmedabad deals of 500 and 440 acres. Because so few deals drive these markets’ totals, their rankings change markedly with even single transactions.