By-Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
“The Indian real estate sector surged in 2024, supported by rising urbanization, shifting lifestyles, and increasing demand across affordable, mid-income, and luxury segments. Residential demand has been particularly strong, while the luxury market saw a boost from high-net-worth individuals and NRIs keen on high-end amenities in cities like Gurugram, Mumbai, and Bengaluru. Sustainability is a driving trend, with eco-friendly, energy-efficient properties gaining popularity. Valued at approximately $493 billion, the sector contributes 7.3% to India’s GDP and is the second-largest job creator after agriculture.
Looking ahead, India’s real estate market is expected to play a transformative role in the country’s ‘Viksit Bharat’ (Developed India) vision, with projections estimating the sector could reach $1.3 trillion by 2034. By 2030, housing demand is anticipated to grow to around 70 million units, driven by urban infrastructure projects, favorable policies, and a resilient economy. As infrastructure projects accelerate and the economy expands, real estate’s contribution to GDP is poised to rise, solidifying its position as a key pillar in India’s journey toward sustained economic growth and urban modernization.”
By-Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited
The year 2024 witnessed strong momentum in the Housing sector, with the luxury and ultra-luxury segments taking center stage. Cities like MMR and Gurugram-NCR saw a surge in demand for high-end properties priced above ₹5 crore, driven by an increasing number of prospective buyers seeking premium living spaces.
Looking ahead to 2025, we expect this strong demand to continue and growth across all housing segments, however, with limited supply. Key factors supporting this positive outlook include India’s robust economic growth, stable interest rate, improved consumer confidence, and the dominance of reputable developers capturing significant market share.
Additionally, the RBI’s recent reduction in the Cash Reserve Ratio (CRR) is likely to translate into lower lending rates as banks pass on the benefits to borrowers. With inflation under control and a resilient economy, there is also a strong possibility of a policy rate cut in upcoming MPC meetings. Lower interest rates would enhance affordability and further boost buyer sentiment, driving continued momentum in the real estate sector.
By-Akash Khurana, President and CEO, Krisumi Corporation
The trend in 2024 –
The Delhi NCR real estate market has seen an unprecedented surge in 2024, with over 75,000 residential units sold, marking a 15% year-on-year growth, as per a recent Knight Frank report. This growth was fuelled by infrastructure advancements like the completion of the Dwarka Expressway and policy reforms supporting affordable housing. The market’s evolution highlights a shift toward integrated townships and sustainable developments. Dwarka Expressway accounted for a substantial chunk of the sales in Gurugram region which is supported by enhanced connectivity and modern amenities. Like in 2023, even in 2024 buyers continued to prioritize larger homes with green spaces and premium facilities. Inline with the growing preference about 35% of new projects, as per CBRE, are being developed with integrated IoT-enabled smart home solutions signalling a shift towards tech-driven living. The demand for luxury housing also continued to rise sharply during the year. As per a PropTiger report, India’s luxury housing market experienced a remarkable 37.8% surge in sales in 2024. Homes priced at ₹1 crore and above made up 20% of total sales, while homes priced over ₹4 crore witnessed an unprecedented growth of 82%, reflecting a rising demand for premium living, the report stated. The trend may continue in the coming year.
Outlook for 2025 –
In 2024, as per an Anarock Capital report, real estate developers raised ₹1281 crore raised via qualified institutional placements and plan to launch 253 million square feet of housing over the next five years, thus showcasing immense confidence in the sector’s resilience. Accordingly the strong momentum is likely to persist in 2025 as well. Delhi NCR is expected to add 100,000 new units in 2025, with luxury and ultra-luxury segments projected to grow by 20% as per a Cushman & Wakefield report. The completion of key infrastructure projects like the Delhi-Mumbai Expressway and the push for sustainable development will further bolster the market. Luxury housing will likely continue its upward swing, buoyed by rising HNI numbers, infrastructure advancements, and evolving buyer preferences. There’s also a rising demand for mid-segment luxury housing priced above ₹ 2 crore, catering to aspirational millennials. Projects focusing on wellness amenities, like air purification systems and meditation spaces, would continue to gain further traction. At Krisumi Corporation, we’re committed to pioneering these trends, delivering projects that redefine urban living through innovation, quality, and sustainability.