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HomeTrendingYear-End Insights: Real Estate and Engg. Sector Performance in 2024

Year-End Insights: Real Estate and Engg. Sector Performance in 2024

In 2024, India’s real estate market showed impressive growth, driven by evolving buyer preferences and market changes. The demand for luxury housing saw a notable increase, with a significant shift toward premium properties. This change reflects a broader trend in the sector, where buyers are looking for high-quality, well-designed homes that offer modern amenities. Real estate developers responded by focusing on incorporating advanced technologies and sustainable practices into their projects.

In 2024, India’s engineering sector also saw strong growth, driven by new infrastructure projects and innovations. The use of technologies like AI and robotics made project execution faster and more efficient. There was also a focus on eco-friendly practices, reflecting the need for sustainable and durable infrastructure.

Industry Expert Opinions

Mr. Sarveshaa SB, Chairman & MD, BHADRA Group, said

“The year 2024 has been a remarkable one for India’s residential real estate sector. Achieving record-breaking sales of 2,60,349 units in the first nine months, a 9% increase from the previous year, the industry showcased its ability to evolve and thrive. From catering to the growing demand for luxury housing to adapting to changing market dynamics, the sector demonstrated resilience and innovation. The integration of technology, including virtual reality property tours and AI-driven personalization, has transformed the way homes are marketed and purchased, making processes more transparent and customer-focused”.


He added, “As we look ahead, the milestones of 2024 give us immense confidence for the future. With urbanisation gaining momentum and sustainability becoming a key priority, the real estate industry is well-positioned to redefine urban living. The surge in luxury housing sales, accounting for 46% of all sales in Q3 2024, indicates a shift in buyer preferences towards premium properties. By focusing on quality, innovation, and eco-conscious development, including the integration of smart home technologies and green building practices, this sector will continue to create meaningful value for communities and contribute to India’s growth story”.

Ms. Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra said

“In 2024, India’s housing market demonstrated strong resilience, with the first three quarters seeing sales exceed Rs 110,000 crore with 115 million sq ft sold. The ultra-luxury segment, particularly properties priced between ₹10 crore and ₹80 crore, experienced notable growth. While the premium homes segment was fueled by accessibility-led urbanization and evolving consumer preferences. Further, the RBI’s decision to maintain the repo rate at 6.5% boosted the market confidence, sustaining residential demand across major cities. This positive momentum is set to continue, with rising consumer confidence and increased investments from both institutional and foreign investors. According to JLL, by year-end, Mumbai is on track to achieve record sales of over 300,000 homes worth Rs 510,000 crore across 485 million sq ft. Mumbai recorded a 6.7% increase in demand and a 5.3% rise in supply, leading to a 6.5% growth in property rates this year. Also, with a bright infrastructure future roadmap which will further enhance the property rates in established hubs and add to the network of connectivity of the peripheral micro markets, the real estate future in 2025 looks absolutely promising.”

Vaibhav Kathotia, Chief Operating Officer – Real Estate, Crest Ventures Limited said,

“As 2024 draws to a close, it is clear that the real estate sector in India has shown remarkable resilience in navigating a complex landscape shaped by global economic headwinds and shifting consumer preferences. This year has been pivotal in redefining what it means to create living and working spaces that are not only luxurious but also adaptable and future-proof.

One of the defining trends in 2024 was the rising emphasis on sustainability and smart infrastructure. Across both residential and commercial segments, we’ve seen a surge in demand for eco-friendly designs that prioritize energy efficiency and minimize environmental impact. Buyers today are more discerning, valuing properties that offer green certifications, sustainable materials, and innovative amenities designed for long-term living. This shift has been driven not just by regulatory changes but by a broader societal commitment to responsible development.”

“Another key transformation has been the way we work. The pandemic accelerated a shift towards hybrid work models, and in 2024, this trend continued to reshape commercial real estate. Co-working spaces and flexible office formats have become essential to meet the needs of businesses looking for agility and scalability. This shift has had a ripple effect across urban centers, driving demand for mixed-use developments that seamlessly integrate living, working, and leisure spaces. Cities like Mumbai, Bengaluru, and Gurugram have emerged as hubs for these dynamic environments, reflecting a broader trend of urban regeneration and smart city initiatives.”

“As we step into 2025, the outlook for the real estate sector is one of cautious optimism. While global economic uncertainty persists, there are positive signals, including expectations of interest rate cuts and a renewed focus on infrastructure investments. The government’s continued push for affordable housing and urban renewal projects will play a significant role in driving growth. At the same time, luxury real estate will continue to evolve, with a focus on bespoke experiences and state-of-the-art amenities tailored to the needs of an increasingly global clientele.”

“Technology will be a game-changer in 2025. The integration of AI, IoT, and data-driven insights into real estate planning and development will enhance efficiency and improve decision-making across the board. From smart buildings that optimize energy usage to digital platforms that streamline property transactions, innovation will be at the heart of the sector’s progress. For developers and investors alike, staying ahead of these trends will be crucial in delivering value and maintaining a competitive edge.”

“Ultimately, the success of real estate in 2025 will hinge on our ability to balance innovation with tradition, creating spaces that honor the past while embracing the future. As we continue to navigate an evolving landscape, the focus must remain on delivering projects that enhance community living, foster connectivity, and promote sustainability. It is an exciting time for the sector, and I am optimistic about the opportunities that lie ahead for all stakeholders committed to shaping India’s urban fabric.”

Mr. Amit Sharma, Managing Director & CEO, Tata Consulting Engineers

“The Indian engineering consultancy sector has experienced a remarkable transformation in 2024, propelled by a steadfast commitment to sustainability, digital progress, and the adoption of advanced technologies, including artificial intelligence, modular construction, and pioneering innovations in energy storage, small modular reactors (SMRs), semiconductors, high-speed rail and infrastructure as a focus area. At Tata Consulting Engineers (TCE), we are determined to harness this momentum, aligning fully with India’s aspiration to emerge as a global leader in sustainable development, technological self-reliance, and resilient infrastructure.

Our approach remains uncompromisingly innovative, delivering bespoke, end-to-end engineering solutions across an ever-widening spectrum of critical domains. Alongside traditional areas such as renewable energy, transport, water resources, space, nuclear, and defence, we are actively catalysing growth in emerging sectors like advanced battery technologies, PSPs, SMRs, and semiconductors. Through close collaboration with domestic partners, we invigorate the ‘Make in India’ initiative, ensure rapid knowledge transfer, and nurture a dynamic ecosystem of self-reliant manufacturing and cutting-edge research.

As we look to 2025 and beyond, our focus centres on expanding our global presence by delivering transformative projects that seamlessly blend sustainability, innovation, and digital sophistication. By leveraging AI, machine learning, and state-of-the-art project management methodologies, we will provide integrated solutions that uplift communities and industries in India whilst setting new benchmarks on the world stage. Guided by our unwavering commitment to economic growth, environmental stewardship, skill development, and technological excellence, TCE stands ready to shape a smarter, more resilient, and truly “Viksit Bharat.”

Ms. Ayushi Ashar, Director of Ashar Group and Managing Committee Member of MCHI-CREDAI

“In 2024, Mumbai’s luxury real estate market witnessed remarkable growth, reinforcing the city’s position as the leader in India’s high-end property sector. By year-end, Mumbai accounted for 84% of ultra-luxury home sales in India, with 21 properties sold for Rs 2,200 crore. This surge highlights the ongoing appeal of Mumbai to High-Networth Individuals (HNIs) and ultra-HNIs. As per Anarock Data Reports, the average ticket price for homes above Rs 40 crore increased by 2%, pushing the cost per square foot to Rs 1,02,458 by mid-2024. This price surge reflects the escalating demand for luxury homes in the city’s prime neighborhoods, driven by affluent buyers eager to invest in ultra-luxury properties. 

Additionally, a Knight Frank Report quoted that the overall property registrations in Mumbai rose by 5% in November 2024, with over 10,200 units registered, reflecting the city’s sustained demand for housing. Key infrastructure projects that created an optimum and seamless network of the city’s connectivity have significantly enhanced the appeal even of the suburban areas such as Thane, making them attractive for premium and luxury living.

Further, the Reserve Bank of India’s (RBI) decision to maintain the repo rate at 6.5% will strengthen market confidence, sustaining residential demand. This has fueled consumer confidence along with an escalated demand from institutional and foreign investors.

Looking ahead to 2025, Mumbai’s real estate market is transformed for robust growth across luxury residential, commercial, mixed-use developments, and hospitality sectors. Developers focus on bespoke designs, premium amenities, and tech-enabled solutions to meet evolving buyer expectations. Also, Improved infrastructure enhances the city’s appeal, attracting domestic and international investors. With institutional interest and connectivity upgrades, Mumbai remains a prime destination for high-end living, premium workspaces, and innovative mixed-use and hospitality projects.”

Mr. Sunny Bijlani, Joint Managing Director, Supreme Universal

India’s high-end real estate market has experienced robust growth in 2024, driven by a rising demand from High Net-Worth Individuals (HNIs) and Ultra-HNIs. In 2023, the luxury segment achieved a historic milestone with a 12-15% year-on-year increase in sales, a trend that strongly continued in 2024. This year, Mumbai documented a notable 13% rise in prime residential property prices, reflecting the growing appetite for premium high-end homes in the city. 

This momentum is expected to continue into 2025, with the premium real estate market poised for a more dynamic growth. The new generation of buyers, increasingly drawn to bespoke residences in prime locations such as South Mumbai and Bandra are fueling this demand. Alongside the high-end homes segment, the ultra-luxury homes priced above Rs 100 crore, in particular, have also witnessed an unprecedented boom in 2024. 

Beyond Mumbai, Pune’s luxury real estate market is also showcasing significant growth, with a projected 15% year-on-year increase. This surge is largely driven by innovation in smart home technology, wellness and community focused amenities and improved infrastructure, making Pune an immensely attractive destination for high-end buyers seeking spacious and private living residences.

Furthermore, the Reserve Bank of India’s decision to maintain the repo rate at 6.5% has contributed to the stability of the real estate sector, boosting investor confidence and supporting steady residential demand across major cities. This economic stability, combined with evolving buyer preferences, positions 2025 as a transformative year for real estate in India.

Developers are uniquely positioned to capitalize on this momentum by delivering superior quality, innovative designs, and customer-centric experiences. By staying adaptable and ahead of the cosumer preference curve, developers can not only redefine top of the line living but also strengthen India’s position as a premier global real estate investment hub.

Mr. Harshvardhan Tibrewala, MD, Vida Realty

“The real estate market, by all counts, flourished this year. There existed a total of 1.5 million residential units and nearly 200 million square feet of developed commercial space. Corresponding with the growth in this, an enhanced emphasis on environmental sensitivity exists as close to nearly 30 percent of new projects receive some kind of green building certification. In addition, the penetration of smart home technology has surged rapidly with 40% of the newly finished units offering packages that will boost convenience and energy efficiency.

Mumbai is experiencing targeted growth in the regions of Chembur, Byculla, and Jogeshwari. These places are witnessing large-scale infrastructural upgrades and redevelopment. Chembur is being developed as a destination for both residential and commercial spaces. It is well connected to the business districts and the Eastern Freeway. Byculla, with its glorious heritage, is turning out to be a premium hotspot for residential spaces, based on luxury redevelopment projects. Due to the Metro and the Western Express Highway, Jogeshwari is coming up as an efficient residential hub.

Emerging markets are an expansion that has led through the activity of real estate in tier-2 and tier-3 cities, with the highest growth being up to 25%. The industry, on its part, is in for change, as green building projects will constitute 50% of new developments by 2025.

Smart and sustainable cities form the future of the real estate business and integrate technology innovation with environmental responsibility.”

Way Forward

In 2024, India’s real estate sector experienced significant growth, driven by increasing demand for luxury and premium properties. Developers are focusing on advanced technologies and sustainable practices to meet evolving buyer preferences, with virtual reality tours and AI-driven personalization enhancing the home-buying experience. Looking ahead, experts are optimistic about continued growth, supported by urbanization, favorable policies, and rising investments, particularly in key markets like Mumbai. The sector is well-positioned to thrive in 2025 and beyond.

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