New Delhi, December 28, 2024: In 2024, the Indian real estate sector recorded a growth trajectory, driven by a surge in demand for luxury housing, green projects, and rising interest across cities. Building on this momentum, the sector is anticipated to achieve greater growth in 2025. According to a recent report by Knight Frank, titled “India Real Estate: Residential and Office (January – June 2024), the first half of 2024 observed homes priced at Rs 1 crore (₹10 million) and above representing 41% of the total sales, infusing new energy into the market.
Besides, the sector witnessed exceptional growth in Tier 2 and Tier 3 cities, largely due to infrastructure development transforming these areas into investment hotspots. Knight Frank India reported a 62% rise in residential property prices and a 12% increase in demand for commercial properties in these regions during Q3 2024. Further, green and sustainable projects also stole the spotlight in 2024, with developers increasingly prioritizing eco-friendly construction and energy-efficient designs.
Amidst this growth, developers and experts are optimistic about 2025.
Yukti Nagpal, Director, Gulshan Group, said, “The year 2024 has been a defining chapter for the real estate sector, marked by unparalleled growth and unwavering resilience. Leading this evolution, the Delhi-NCR region emerged as the epicenter of demand for premium residential spaces, a trend shaped by transformative infrastructure milestones like the Noida International Airport and the rising aspirations of modern, discerning households.
At Gulshan Group, 2024 also marked the delivery of Dynasty, a true epitome of luxury and refined living. Dynasty stands as a testament to our unwavering commitment to delivering spaces that not only meet but exceed the expectations of modern homebuyers—spaces that blend opulent design, timeless aesthetics, and impeccable craftsmanship.
Looking ahead to 2025, we anticipate an even greater shift towards convenience-driven luxury, particularly in the hospitality sector. Today’s discerning audience seeks holistic experiences that combine comfort and intuitive services. Convenience is the new luxury—a trend that underscores a desire for effortless living amidst the hustle and bustle of modern life.
This evolving aspiration for curated luxury, sustainable innovation, and community-centric urban oases inspires us to continually raise the bar. At Gulshan Group, we remain committed to redefining premium living and hospitality by delivering exceptional spaces that resonate with the lifestyles of tomorrow.
Our vision for the New Year is clear: to set unprecedented benchmarks in both realty and hospitality, crafting experiences that are not just luxurious but also convenient, thoughtful, and enduring. We are here to transform aspirations into realities.”
Mohit Goel, Managing Director, Omaxe Group, said “2024 has been a great year for the housing, commercial, and retail segment witnessing an exceptional growth trajectory. Infrastructure upgrades, the renewed focus on home ownership, higher disposable income, and diversifying investment portfolios have led the sector’s growth throughout the year. In particular, Delhi-NCR witnessed a significant surge in luxury housing growth. Besides, the leasing activity for office space and retail recorded new growth numbers in the region. While Gurugram and Noida notably contributed to this growth graph of NCR’s realty market, Faridabad emerged equally promising. Long dominated by its neighboring towns, Faridabad has successfully positioned itself as one of the potential regions to watch out for in the years ahead. Supported by positive economic conditions and increasing demand in peripheral cities, Faridabad is likely to witness expanded investment opportunities. We believe that the city will provide valuable opportunities for both developers and investors enabling it to shine brighter on the NCR’s realty map.”
Sandeep Chhillar, Founder and Chairman, Landmark Group, said “The demand for housing reached a new peak across cities making 2024 an exceptional year for the real estate sector. As per the industry trend analysis, Delhi-NCR’s housing sales during Jan-Sep 2024 witnessed new growth numbers compared to the city’s last year’s sale numbers. With a significant shift noticed in buyer behavior seeking upgraded lifestyle and upscale living spaces, the luxury homes segment witnessed a significant and constant jump in demand where Delhi-NCR emerged as one of the top performing markets amongst key cities. Given the upward growth trajectory of the luxury housing segment, we anticipate a strong year ahead driven by positive market sentiments and favorable economic conditions. Gurugram and its emerging corridors are expected to dominate the new supply of luxury housing and its demand in the year ahead. We are looking forward to rapidly increasing development and sales growth as Gurugram emerges to become one of the leading realty markets.
Piyush Kansal, Executive Director of Royale Estate Group, said “In 2024, tier 2 cities have emerged as the new frontier for residential real estate, driven by a mix of improved infrastructure, enhanced connectivity, and the evolving needs of homebuyers seeking both value and quality. Cities like Chandigarh,Mohali,Zirakpur,Panchkula have established themselves as leading destinations for those looking to have a balanced lifestyle and luxury living. With its world-class urban planning, green spaces, and a blend of modern amenities, Chandigarh’s real estate market has become increasingly attractive to both homebuyers and investors. As we look towards 2025, we expect Chandigarh’s residential market to continue its upward trajectory, offering opportunities for luxury and sustainable living in a well-connected, progressive city.
Ravinder Choudhary, Vice President of Vegas Mall, said “Vegas Mall: 2024 brought a huge transformation for retail real estate, with malls evolving into vibrant community hubs rather than just shopping destinations. Across the NCR, malls have embraced a mixed-use approach, blending retail, entertainment, dining, and wellness under one roof to cater to diverse consumer preferences. The retail spaces revitalized their landscape, drawing significant footfall and interest from global and domestic brands. Amid rising disposable incomes and demand for experiential spaces, we anticipate this evolution to continue in 2025, with more innovative, multi-functional mall projects reshaping the retail experience.
Ashwani Kumar, Pyramid Infratech, said, “The real estate sector in 2024 has grown exceptionally well with developing areas emerging as new markets. The luxury segment driven by evolving consumer preferences, and rising disposable income played a significant role in this growth graph across cities. In NCR, Gurugram has remained the preferred luxury destination where new sectors have become increasingly attractive to buyers and investors. Gurugram’s luxury home market witnessed an outstanding year paving the way for new markets to emerge growth frontiers in the year ahead. Improved infrastructure, like the development of new expressways, metro lines, and business hubs, has enhanced connectivity, making previously underserved areas more appealing to luxury buyers. These factors will continue to benefit the city’s real estate market.”
Ambika Saxena, Director, Corporate Communications, Bayside Corporation, said “Looking ahead to 2025, the luxury real estate market in India is set to witness continued growth, driven by the increasing demand from high-net-worth individuals (HNIs) and non-resident Indians (NRIs). This demand reflects a shift towards premiumisation, with buyers increasingly seeking larger, more exclusive homes with state-of-the-art amenities and privacy. Developers will need to adapt to these evolving preferences, focusing on delivering not just luxury, but a living experience that meets the high expectations of today’s affluent market.”
With the foundation laid in 2024, the Indian real estate market is well-positioned to achieve remarkable growth in 2025. Developers are ready to launch projects that cater to evolving customer preferences, emphasizing luxury, sustainability, and technological innovation. This optimism ensures that the sector will continue its upward trajectory, making 2025 a pivotal year for Indian real estate.
