The year 2024 witnessed the real estate sector cementing its position as a status symbol, with luxury homes and high-end commercial spaces leading the investment portfolio of affluent buyers. A robust performance driven by strong demand, innovation, and government policy support has significantly transformed both residential and commercial landscapes, setting the stage for sustained growth in 2025.
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Residential Sector: The Pinnacle of Luxury Living
Luxury homes emerged as a dominant trend this year, catering to the rising demand from HNIs (High Net Worth Individuals) and NRIs (Non-Resident Indians). Prime urban areas saw an uptick in gated communities, villas, and condominiums, reflecting the aspiration for exclusivity and convenience. Moreover, tier-2 and tier-3 cities experienced increased traction as buyers sought spacious properties offering a better quality of life and connectivity.
Mr. Parvinder Singh, CEO, Trident Realty
As we close the chapter on 2024, Gurugram has not only solidified its reputation as a luxury real estate powerhouse but has also set the stage for a new era of opulent living. This year, the city has become a beacon for affluent buyers, showcasing a remarkable transformation driven by economic stability and enhanced infrastructure. Meanwhile, tier-2 cities like Panchkula are emerging as attractive alternatives, drawing high-net-worth individuals and non-resident Indians seeking luxurious living spaces that offer both tranquility and modern conveniences. The future of luxury housing is bright, with Gurugram leading the way and tier-2 cities poised to capture the attention of discerning buyers in 2025.
On the other hand, the mid-income and affordable housing segments continued to benefit from government initiatives like the Pradhan Mantri Awas Yojana (PMAY) and reduced stamp duties in several states. These measures enhanced affordability and boosted buyer sentiment.
Commercial Sector: A Surge in Mixed-Use Developments
The commercial real estate sector also thrived in 2024, driven by the resurgence of coworking spaces, the expansion of IT parks, and high demand for retail spaces. Mixed-use developments combining retail, office, and residential offerings gained momentum, catering to the growing urban population’s need for integrated living.
Mr. Abhishek Trehan, Executive Director, Trehan Iris
The luxury real estate market in Gurugram has witnessed remarkable resilience and growth throughout 2024, fueled by strong demand for luxury homes that offer world-class amenities, strategic locations, and sustainable living solutions. This year saw a surge in interest from high-net-worth individuals and NRIs, with buyers seeking exclusive properties that match their aspirations. Moreover, developers responded with innovative projects, focusing on gated communities, smart home features, and wellness-centric designs. As we look ahead to 2025, the momentum is expected to continue, supported by ongoing infrastructure developments and a growing preference for lifestyle-driven investments. Moreover, Gurugram remains a beacon for luxury living, and we are committed to shaping this market with iconic projects that cater to evolving buyer expectations.
Sustainable Real Estate: A Priority for Buyers
Sustainability emerged as a critical factor influencing real estate investments. Developers increasingly focused on green building certifications and energy-efficient infrastructure. This trend aligned with global ESG (Environmental, Social, Governance) goals, attracting both domestic and international investors.
Mr. Ashish Agarwal, Director, AU Real Estate
The Indian luxury residential real estate market has experienced unprecedented growth in 2024, particularly in the Delhi NCR region, where Ghaziabad and NH24 have emerged as vibrant new micro-markets. The demand for high-end properties has surged, with sales of luxury homes priced above ₹4 crore increasing by 37.8% year-on-year. Ghaziabad, with its enhanced infrastructure and connectivity, has seen property prices rise significantly, making it a prime destination for affluent buyers seeking modern living spaces. As luxury living becomes a status symbol, the appeal of exclusive residences in these areas is set to redefine the landscape of urban opulence in 2025 and beyond.
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Future Prospects and Outlook
With the Noida International Airport nearing completion and infrastructure upgrades in cities like Hyderabad and Pune, the sector is poised for exponential growth. The rise of REITs (Real Estate Investment Trusts) further democratized real estate investments, offering retail investors access to commercial properties.
Mr. Manish Mathur, CEO – Cranes, ACE-Action Construction Equipment Ltd
The year 2024 has been quite a significant period for the growth of India’s construction equipment (CE) industry, making a viable step forward for its achievement of a staggering target of USD 25 billion market size in 2030. Supported by a particularly vibrant governmental programme, export figures, and advances in technology, this industry is set to roll on the progression towards world-class status. On India’s centenary of its independence, advancement, sustainability, and competitiveness of the industry will always form a core objective. The CE industry therefore has a framework as well as focus and passion for producing nothing less than world-class products to facilitate the development of infrastructure in the future.”
As the year concludes, real estate stands as an emblem of aspiration and resilience, adapting to the needs of a dynamic market and shaping the future of India’s urban and economic landscape.
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