property market
Year Ender 2024: This year there was tremendous growth in the real estate sector. According to reports from Knight Frank India and NAREDCO, there was a huge surge in demand for mid-segment and luxury properties. Investment in properties worth more than Rs 1 crore increased, which brought cheer to the developers. While the affordable segment was almost wiped out due to the demand for property, flats worth crores became the most demanding segment. Strong demand for property led to a record increase in prices. In 2024, property prices from metro cities to tier two cities are expected to increase by 30% to 50%. The brunt of this fell on the end users. Many people are unable to buy a house even if they want to because the price of the property goes beyond their budget. Let us know what the developers say regarding 2024 and 2025?
Real estate reaches new high in 2024
Manoj Gaur, Chairman, CREDAI National and CMD, Gaur Group, says that the increasing demand for luxury homes took real estate to new heights in 2024, where the demand for homes with large and luxurious spaces increased rapidly. Home is no longer just a place to live but has become a symbol of people’s identity and ambition. SKA Group Director Sanjay Sharma said that the policies and reforms implemented by the government in 2024 have created an environment of stability in the real estate market, which has also strengthened customer confidence. These reforms have resulted in increased market transparency and security, thereby doubling the confidence of investors and buyers.
Prateek Tiwari, Managing Director, Prateek Group, says that the real estate sector has seen rapid growth in major metro cities in 2024. At the same time, Nayan Raheja of Raheja Developers says that 2024 will be a great year for luxury homes. Pradeep Agarwal, Founder and Chairman, Signature Global (India) Ltd, said the Indian real estate sector is set to witness rapid growth in 2024, driven by urbanisation, changing lifestyles and rising demand across affordable, mid-income and luxury segments. Gurpal Singh Chawla, Managing Director, Trawalk, says 2024 has been a year of extraordinary growth for luxury real estate. Buyers find it to be a strong vehicle for capital appreciation and wealth creation.
Despite no reduction in interest rates, there was a rise
According to Suresh Garg, CMD of Nirala World, the year 2024 has been an unprecedented year for the real estate sector. Despite no reduction in interest rates throughout the year, the demand for residential and commercial property remained high. According to Avnish Sood, Director, Eros Group, several growth factors across the residential, commercial and industrial sectors contributed to the successful performance of the Indian real estate market in 2024. Due to the demand of high income professionals and increasing number of high net worth individuals, the luxury property market expanded tremendously.
RG Group Director Himanshu Garg said that 2024 was very encouraging for the real estate sector. Ankur Gupta, JMD, Ashiana Housing, said that Indian real estate has shown rapid growth across various segments in 2024. Along with this, senior citizens, luxury housing and child-centric homes have attracted people with their special features.
What is the forecast for 2025?
Antriksh India Group CMD Rakesh Yadav said that the kind of excellent performance done by the real estate sector in 2024 and the pitch that has been prepared, its benefits will be seen in 2025 also. Infrastructure is developing rapidly across the country and people’s income is increasing. This will play an important role in increasing the demand for property. Real estate will become more sustainable, inclusive and customer-centric in 2025. With new determination and collective vision, the real estate industry is set to redefine global norms, which will significantly contribute to India’s economic growth and urban transformation. Together, developers, investors, policymakers and consumers will unlock the immense potential of the sector, driving growth and prosperity for all.
NAREDCO National President, G Hari Babu said that the real estate sector may see further growth in 2025. The region is poised for continued growth driven by a stable economic environment and supportive government initiatives. Expect affordable and mid segment housing to be a major growth driver with developers giving priority to launching new projects. Economic stability will pave the way for rising demand in residential and office sectors, industrial and warehousing spaces. Additionally, alternative asset classes, such as data centres, co-living arrangements and senior housing are also poised for rapid growth, driven by changing demographics and consumer preferences.
Latest Business News
