Year-End Insights: Industry Expert Opinions on Key Developments and Trends in India’s Real Estate Sector in 2024
In 2024, India’s real estate sector experienced notable growth, driven by changing buyer preferences, infrastructure advancements, and government policies. Demand for residential and commercial spaces increased across metros and smaller cities, supported by initiatives such as affordable housing schemes, tax benefits, and improved connectivity. Developers focused on integrating modern amenities and technology into projects, catering to evolving work and lifestyle needs. The sector also saw a rise in interest from domestic and international investors, particularly in urban housing and mixed-use developments. Industry leaders reflect on the trends and opportunities that defined 2024 and offer insights into the road ahead.
Industry Experts Opinions
Mr. Sanjay Kumar Sinha, Founder and Managing Director, Chaitanya Projects Consultancy
"As 2024 comes to a close, India’s infrastructure sector stands at a defining juncture, having achieved remarkable milestones that solidify its role as the backbone of the nation’s growth. Historic investments—Rs 2.78 lakh crore to the Ministry of Road Transport and Highways and Rs 2.62 lakh crore to the Ministry of Railways—have not only enhanced connectivity but also created millions of opportunities, fueling job creation and contributing to a robust economy. Key projects such as the Delhi-Mumbai Expressway and the expansion of the Vande Bharat Express network have redefined national connectivity. Simultaneously, a strong commitment to sustainable development is reflected in the installation of over 25,000 EV charging stations and innovations like the use of recycled materials in infrastructure development, marking a significant shift toward eco-conscious growth. Looking ahead to 2025, the focus will remain on strengthening India’s position as a global economic leader with boosting the infrastructure industry and Indian Railways with sustainability and inclusivity. Innovations in green technology, smart cities, and eco-friendly transport will lay the foundation for a more inclusive and sustainable future. As the Indian Railways is set to increase its loading capacity and introduce high-speed trains, the government is upgrading its existing 1X25 KV overhead electrification system to ensure proper voltage levels throughout the network."
Mr. Robin Pahuja, Co-founder and Director, ElitePro Infra
"In 2024, Gurugram's luxury housing market experienced robust growth, reaffirming the city's status as a prime real estate hub. This growth was driven by its strategic location, excellent infrastructure, the launch of new housing projects, and seamless connectivity to major economic centers. Prominent areas such as Dwarka Expressway, Golf Course Road, and Sohna Road emerged as key realty hotspots. Dwarka Expressway, in particular, became a focal point for Gurugram's thriving real estate sector, attracting developers, investors, and homebuyers alike. Non-Resident Indians (NRIs) significantly contributed to this growth, viewing Gurugram as a lucrative destination for both investment and residential purposes. The city also witnessed a rise in smart housing projects tailored to tech-savvy buyers, with developers integrating cutting-edge amenities that appealed to high-net-worth individuals. Additionally, the demand for sustainable housing in the luxury segment gained momentum, reflecting a growing awareness of eco-friendly living practices. Overall, Gurugram maintained its position as a leader in the National Capital Region’s luxury real estate landscape in 2024."
Mr. Madhur Gupta, CEO, Hero Realty
"As we approach the year end, the real estate landscape in 2024 reflects a transformative shift, with evolving buyer preferences and market dynamics shaping the sector. The growing demand for premium residential properties in both established cities and emerging locations has underscored a change in aspirations. Cities like Ludhiana, Mohali, and Haridwar are witnessing a surge in interest, driven by buyers looking for well planned, high-quality developments that offer a superior lifestyle. In Gurugram, this year has seen a significant boost in infrastructure, The inauguration of the Dwarka Expressway and the ongoing metro expansion have been major milestones. These developments are great signs for the real estate market, indicating further growth in the region."
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."
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.”
Mr. Harinder Dhillon, Senior Vice President of Sales at BPTP
“The premium housing market in Gurugram & Faridabad witnessed sustained demand in 2024, driven by young professionals, mid-income buyers, and first-time homeowners. To cater to this demand, developers introduced numerous budget-friendly housing projects throughout the year. The development of expressways, highways, and metro connectivity further enhanced Gurugram’s appeal as a prime destination for homebuyers. Key areas such as Golf Course Extension Road and the Dwarka Expressway experienced a surge in new housing projects, offering a combination of comfortable living and excellent connectivity at competitive prices. Additionally, government incentives like reduced stamp duties and home loan subsidies significantly boosted the demand for premium housing. The rise of remote work also played a pivotal role in shaping buyer preferences, with an increasing inclination toward spacious homes equipped for work-from-home setups. Developers responded by integrating modern technology and sustainable design elements into their projects, cementing affordable housing as a rapidly growing segment in Gurugram’s real estate market.”
Mr. Sudeep Bhatt, Director Strategy, Whiteland Corporation
“The year 2024 has been lucrative for the Indian real estate sector. It has shown resilience in terms of shifting demands, fluctuating interest rates, and global economic uncertainties. During 2024, a lot of infrastructure development took place in NCR market. The year also saw a growing emphasis on government initiatives like the Gati Shakti National Master Plan, SWAMIH Fund, and various infrastructure projects in urban and rural areas. Such developments have opened up new doors for the sector’s growth. There has been a rise in focus on sustainability, with developers incorporating environment friendly construction and amenities in their projects. As we look into 2025, the situation looks promising for the real estate sector. Elements like tax incentives, increasing availability of affordable housing loans, and block chain - based transactions are going to be some of the supporting elements in the real estate sector’s rapid development. The upcoming year will offer varied opportunities, where developers can focus on including technology into their projects, green building certification, and creating projects that answer to the growing demand of homebuyers for work - life balance.”
The Road Ahead
As we move into 2025, India’s real estate sector is positioned for continued growth. Infrastructure advancements, government support, and a growing preference for sustainable, tech-driven living spaces will drive the market forward. The demand for luxury housing will persist, particularly in metro cities like Gurugram, while tier-2 cities are becoming increasingly attractive for luxury and high-end buyers. Developers are likely to focus on creating projects that offer an optimal blend of convenience, technology, and eco-conscious living. The increasing availability of affordable housing loans, coupled with government incentives, will continue to support the growing demand for residential properties.
