India's land market has experienced remarkable growth over the past five years, with 18,158 acres transacted across more than 880 deals in 33 cities between 2021 and Q1 2026, according to consultancy firm Cushman & Wakefield. Annual transacted acreage rose from 813 acres in 2021 to 6,181 acres in 2025, representing a compound annual growth rate (CAGR) of about 66 per cent. The land transacted during this period has the potential to generate nearly 1.4 billion square feet of future built-up area and an estimated ₹16.67 trillion in revenue, based on prevailing planning norms and capital values. This represents an estimated 22X the combined FY26 revenue of India's top 10 listed real estate companies, highlighting the scale of development potential.
Transactions in 2025 were 1.6 times the previous peak recorded in 2024, as reported by Cushman & Wakefield. Residential remained the largest land-use category, accounting for 45 per cent of total transacted acreage between 2021 and Q1 2026. Office-linked land transactions increased fivefold between 2021-22 and 2024-25, from 76 acres to 384 acres. Industrial and logistics acquisitions grew nearly 13-fold, accounting for 27 per cent of total transactions in 2024-25 compared with 7 per cent in 2021-22.
While tier-I cities accounted for 71 per cent of total transacted acreage during 2021-Q1 2026, tier-II markets have shown substantial growth with annual transactions rising from 16 acres in 2021 to 2,120 acres in 2025. Their share of annual transactions consequently increased from around 2 per cent to 34 per cent. Coimbatore, Indore, Visakhapatnam, Ludhiana, Panipat and Nagpur are among the tier-II markets witnessing increased activity, while satellite cities around major urban centres are emerging as growth corridors.
Outright purchases continued to account for more than 60 per cent of total acreage transacted, at 10,910 acres. However, joint ventures (JVs) and joint development (JD) structures accounted for more than 4,405 acres during the period, with the number of such transactions increasing from 11 in 2021 to 42 in 2025. Long-lease transactions accounted for nearly 2,520 acres, while redevelopment transactions contributed 323 acres during the period. Land prices have increased significantly across tier-I and tier-II markets over the past three to five years, but the pace of appreciation is expected to moderate due to higher base levels.
The report estimates that the 18,158 acres transacted could support 559-768 million square feet of residential development, 205-225 million square feet of industrial and logistics space, 109-179 million square feet of office space, 113-124 million square feet of data centres and 8-26 million square feet of retail space. According to Cushman & Wakefield, economic growth, infrastructure capex and employment generation are driving the expansion in land transactions, with the expansion of cities and resulting job creation generating demand not only for housing but also for offices, retail, warehousing and other real estate assets. The report also examines the shift toward partnership-led models and the growing role of institutional capital in shaping India's next development cycle.
