2024: A Year of Transformation in Residential and Commercial Real Estate
2024 has been a landmark year for the real estate sector, with luxury homes and premium commercial properties dominating the market. The rise of REITs (Real Estate Investment Trusts) has further democratized investments, making the sector more accessible
Real EstateLuxury HomesCommercial PropertiesReitsSustainabilityReal Estate PuneDec 30, 2024
Fueled by heightened demand, innovative practices, and supportive government policies, a vigorous performance has profoundly altered the residential and commercial sectors, paving the way for continued expansion in 2025.
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.
Robin Mangla, President of M3M India, shared, “2024 has been a landmark year for M3M India, marked by exceptional achievements in the luxury real estate market and high-end commercial projects.
Our focus on innovation and delivering world-class developments has solidified our leadership in North India’s real estate sector.
We reported a 37% growth in the calendar year, primarily driven by sustained demand for our premium offerings.
Our projects have set new benchmarks in architectural excellence, offering unparalleled sophistication and modernity.
As we look ahead to 2025, we remain committed to shaping the future of real estate with innovation, sustainability, and excellence at the core.”
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 co-working spaces, 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.
Aman Sharma, Managing Director of Aarize Group, said, “As 2024 draws to a close, Aarize Group takes pride in the significant milestones achieved this year.
We have successfully introduced an uber-luxury mall on the Dwarka Expressway, marking a new era in luxury retail and commercial spaces.
This development is poised to revolutionize the shopping experience with its focus on luxury, comfort, and style, offering a seamless blend of high-end retail, entertainment, and dining.
Alongside this, we continue to lead the way in developing innovative SCO (Shop Cum Office) spaces, which cater to the evolving needs of modern businesses.
With a strong focus on sustainability, luxury, and cutting-edge design, we have expanded our portfolio with projects that set new industry standards.
As we look ahead to 2025, Aarize Group remains committed to pushing the boundaries of real estate development, ensuring we continue to deliver unmatched value to our clients and stakeholders, creating spaces that elevate both lifestyle and business potential.”
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.
Sudeep Bhatt, Director Strategy of Whiteland Corporation, said, “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 the 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 blockchain-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 meet the growing demand for work-life balance.”
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) has further democratized real estate investments, offering retail investors access to commercial properties.
Ashish Sharma, AVP Operations of Brahma Group, shared, “2024 has been a pivotal year for the commercial real estate sector, with Gurugram solidifying its position as a hub for office spaces, retail centers, and mixed-use developments.
The market witnessed robust leasing activity, driven by the rise of Grade A office spaces, sustainability-focused projects, and the adoption of tech-enabled smart buildings.
According to a recent report by Cushman and Wakefield, gross office space leasing in 2024 is expected to reach 83-85 million sq.
ft, with GCCs projected to deliver even higher volumes in 2025, accounting for an estimated 35% of total leasing activity.
As we move into 2025, the sector is set for further expansion, encouraged by infrastructure improvements and a thriving economy.
Furthermore, developers remain committed to creating innovative, future-ready spaces that meet evolving corporate demands and reinforce Gurugram’s stature as a commercial powerhouse.”
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.
Frequently Asked Questions
What were the key trends in the residential real estate sector in 2024?
In 2024, the residential real estate sector saw a significant trend towards luxury homes, with gated communities, villas, and condominiums becoming increasingly popular among HNIs and NRIs. Tier-2 and tier-3 cities also experienced growth due to buyers seeking spacious properties with better connectivity and quality of life.
How did government initiatives impact the affordable housing segment?
Government initiatives like the Pradhan Mantri Awas Yojana (PMAY) and reduced stamp duties in several states enhanced affordability and boosted buyer sentiment in the mid-income and affordable housing segments, making these properties more accessible to a broader range of buyers.
What role did sustainability play in real estate investments in 2024?
Sustainability emerged as a critical factor, with developers focusing on green building certifications and energy-efficient infrastructure. This trend aligned with global ESG goals, attracting both domestic and international investors and setting new standards in the industry.
How did the commercial real estate sector perform in 2024?
The commercial real estate sector thrived in 2024, driven by the resurgence of co-working spaces, 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.
What are the future prospects for the real estate sector in 2025?
With infrastructure upgrades and the completion of projects like the Noida International Airport, the sector is poised for exponential growth. The rise of REITs has further democratized real estate investments, and sustainability, technology, and green building certifications are expected to be key drivers in 2025.
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