2024: A Year of Transformation and Growth in Indian Real Estate

The
Indian
real
estate
sector
in
2024
showcased
resilience,
innovation,
and
a
redefinition
of
luxury
and
sustainability.
Both
residential
and
commercial
spaces
witnessed
transformative
growth,
underpinned
by
infrastructure
advancements,
rising
buyer
aspirations,
and
increasing
investments
in
Tier
1
and
Tier
2
cities.

A
Year
of
Transformation
and
Growth
in
Indian
Real
Estate

From
the
bustling
markets
of
Delhi-NCR
to
the
serene
landscapes
of
Tier
2
cities
like
Solan
and
Dehradun,
industry
leaders
share
their
reflections
on
the
milestones
of
2024
and
their
vision
for
the
road
ahead.

Luxury
Residential:
A
New
Standard
of
Living

The
demand
for
premium
homes
in
2024
saw
a
20%
increase
in
key
markets
such
as
Delhi-NCR,
driven
by
infrastructure
projects
like
the
Noida
International
Airport
and
the
expanding
aspirations
of
homebuyers.

Yukti
Nagpal,
Director,
Gulshan
Group,
highlighted,
“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
Gulshan
Dynasty,
a
true
epitome
of
luxury
and
refined
living.
Gulshan
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.”

She
further
added,
“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.”

Rajjath
Goel,
Managing
Director,
MRG
Group
further
said,
“2024
has
been
a
year
of
growth
for
the
luxury
residential
sector,
with
Gurugram
continuing
to
attract
demand
driven
by
both
high-net-worth
individuals
and
professionals
seeking
world-class
living.
The
focus
has
been
on
delivering
premium
homes
that
combine
elegant
design,
cutting-edge
amenities,
and
sustainability.
As
we
look
to
2025,
the
emphasis
will
be
on
expanding
luxury
offerings
to
meet
the
evolving
needs
of
sophisticated
homebuyers.
With
an
emphasis
on
quality
and
innovation,
the
sector
is
poised
to
redefine
modern
living
and
create
spaces
that
cater
to
the
aspirations
of
the
next
generation
of
residents.”

Commercial
Real
Estate:
A
Growth
Catalyst

The
commercial
real
estate
market
in
India
flourished
in
2024,
with
Grade-A
office
space
absorption
crossing
52
million
sq.
ft.,
reflecting
a
15%
year-on-year
growth.
Gurugram
led
the
way,
powered
by
its
robust
connectivity
and
strategic
developments
like
the
Dwarka
Expressway.

Harinder
Singh
Hora,
Founder
and
Chairman,
Reach
Group,
stated,
“In
2024,
the
Indian
real
estate
sector
experienced
significant
growth,
with
commercial
real
estate
leading
the
way.
Demand
for
Grade-A
office
spaces
grew
by
nearly
15%,
driven
by
business
expansions
and
a
notable
increase
in
interest
from
Global
Capability
Centers
(GCCs)
and
flex
office
operators.
Gurugram
reaffirmed
its
status
as
a
top
commercial
hub,
attracting
dozens
of
multinational
corporations
and
thousands
of
professionals.”

He
elaborated
further,
“The
city’s
strategic
location,
seamless
connectivity,
and
infrastructure
upgrades—such
as
the
nearly
30
km-long
Dwarka
Expressway—made
it
a
magnet
for
global
investors
and
retail
brands.
This
influx
boosted
both
retail
and
office
space
absorption
by
approximately
20%.
As
we
look
ahead
to
2025,
Gurugram
is
set
for
even
greater
growth,
with
ongoing
infrastructure
developments
and
rising
demand
cementing
its
position
as
a
preferred
destination
for
commercial
real
estate
in
India.”

Noida
also
emerged
as
a
focal
point
for
premium
office
and
retail
spaces.

Amish
Bhutani,
Managing
Director,
Group
108,
noted,
“The
year
2024
witnessed
the
real
estate
sector
transforming
comprehensively.
The
year
specifically
marked
a
milestone
for
Noida
and
Greater
Noida’s
commercial
real
estate,
especially
along
the
Noida-Greater
Noida
Expressway,
where
demand
for
premium
office
and
retail
spaces
surged.”

He
added,
“This
growth
was
driven
by
the
increasing
presence
of
IT/ITES
and
global
corporations
seeking
to
establish
a
foothold
in
the
region.
The
expressway’s
enhanced
connectivity,
combined
with
the
upcoming
Noida
International
Airport,
has
significantly
boosted
the
area’s
appeal.
Amid
this
growth,
the
demand
for
office
and
retail
development
would
increase
exponentially.
As
we
look
to
2025,
the
region’s
commercial
real
estate
market
will
continue
to
thrive,
driven
by
infrastructure
advancements
and
a
growing
global
business
presence.”

Tier
2
Cities:
The
Emerging
Real
Estate
Frontiers

Tier
2
cities
such
as
Chandigarh,
Dehradun,
and
Solan
carved
their
space
in
the
real
estate
sector,
particularly
in
the
luxury
residential
segment,
which
recorded
a
25%
rise
in
demand.
Buyers
were
increasingly
drawn
to
integrated
developments,
sustainability,
and
wellness-focused
living.

Manit
Sethi,
Director,
Excentia
Infra,
reflected,
“2024
has
been
a
landmark
year
for
the
residential
real
estate
market,
with
luxury
and
high-end
residential
projects
seeing
a
significant
rise
in
demand,
especially
in
Tier
2
cities.
The
focus
on
integrated
townships,
sustainability,
and
wellness-driven
homes
has
captured
the
attention
of
homebuyers
looking
for
a
blend
of
comfort
and
functionality.”

He
continued,
“Cities
like
Dehradun
are
rapidly
emerging
as
luxury
housing
destinations.
Amid
the
city’s
evolving
infrastructure
and
increasing
demand
for
modern
living
spaces,
we
anticipate
an
even
more
robust
growth
in
2025.
The
emphasis
will
shift
towards
eco-friendly
developments
and
tech-enabled
homes
that
offer
enhanced
convenience
and
energy
efficiency.”

Prateek
Mittal,
Executive
Director,
Sushma
Group,
added,
“This
year
underscored
the
resilience
and
potential
of
the
real
estate
market
across
key
regions
like
Chandigarh-Tricity,
Ludhiana,
Kasauli,
Solan,
and
beyond.
At
Sushma
Group,
we
have
been
at
the
forefront
of
sustainable
and
integrated
developments,
fostering
spaces
that
enhance
lives.“

He
further
remarked,
“As
we
move
forward,
we
aim
to
harness
technology
and
sustainable
practices
to
create
future-ready
projects
that
inspire
confidence
and
redefine
urban
living.”

Furthermore,

Mukul
Bansal,
Managing
Director,
Motiaz
Group
said,
“2024
has
been
a
transformative
year
for
the
real
estate
industry.
At
Motiaz
Group,
we
embraced
innovation,
prioritizing
customer-centric
developments
that
align
with
changing
market
demands.
As
we
step
into
the
new
year,
our
commitment
remains
unwavering—to
deliver
excellence,
create
value,
and
redefine
the
benchmarks
of
quality
and
trust
in
the
real
estate
sector.”

Tejpreet
Singh
Gill,
Managing
Director,
Gillco
Group,
“2024
marked
a
year
of
growth
and
innovation
for
Gillco
Group.
We
focused
on
delivering
homes
and
commercial
spaces
that
resonate
with
the
aspirations
of
our
customers
while
maintaining
the
highest
standards
of
quality.
Looking
ahead,
we
are
committed
to
driving
excellence,
strengthening
our
community-centric
approach,
and
shaping
the
future
of
real
estate
in
the
region
with
integrity
and
vision.”

Looking
Ahead
to
2025

As
Indian
real
estate
transitions
into
2025,
the
sector
is
poised
for
a
new
era
defined
by
sustainable
innovation,
integrated
communities,
and
convenience-driven
living.
The
symbiotic
growth
of
Tier
1
and
Tier
2
cities
highlights
a
balanced
development
trajectory,
offering
investors
and
homebuyers
a
plethora
of
opportunities.