• Source:JND
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Real Estate: 2024 has been a great year for the Indian real estate industry, especially for areas like Noida and Delhi-NCR, which have witnessed unprecedented development. The recent development has been driven by infrastructure improvements, growing demand for luxury homes, and favourable economic conditions, and the industry is poised to set new benchmarks as it enters 2025.

Noida: A Real Estate Powerhouse in the Making

Noida has been one of the star performers in the real estate sector of 2024, with robust infrastructure improvements and the availability of a range of residential and commercial investments. As Sanjay Sharma, Director, SKA Group, says, “Infrastructure improvements and increased residential and commercial investment have propelled Noida’s real estate to record growth in 2024. The sector witnessed record sales of nearly Rs 50,000 crore this year.”

This growth is not just in terms of numbers but also reflects the city’s transformation into a global urban hub. Major projects like the Regional Rapid Transit System and the rapid construction of Noida International Airport will significantly improve connectivity by attracting record investments. Sharma expects property values to rise by 20-25% by 2025, with demand for luxury homes being a key driver.

Looking ahead, Sharma said: “We look forward to continuing our commitment to making Noida a world-class metropolitan area as it continues to evolve into a major global business and lifestyle hub.”

Luxury Housing Dominates Delhi-NCR

Noida

Delhi-NCR has also had a strong year, with luxury housing taking centre stage. Describing 2024 as the "luxury year" for the sector, Dr Gautam Kanodia, founder of KREEVA and Kanodia Group, stated: "The ever-increasing preference for spacious homes has pushed luxury home growth numbers to new heights."

High Net Worth Individuals (HNIs), Non-Resident Indians (NRIs), and new-age buyers are showing strong interest in prime micro-markets such as Golf Course Road, Southern Peripheral Road (SPR), Sector-46 Gurgaon, and Dwarka Expressway. South Delhi has also remained a popular destination and continues to do so. "Luxury housing will remain the first choice of buyers, with healthy capital and rental appreciation," Kanodia said.

"Benefitting from improved connectivity, infrastructure upgradation, and favourable economic conditions, Delhi-NCR will remain at the top of the luxury housing growth curve across key cities," Anuj Puri said.

Gurugram

Gurugram is emerging as one of the most prominent places for investment in luxury real estate as it has become a hotspot among high net-worth individuals, NRIs. The real estate boom in the city is driven by top-class office spaces, tech-enabled smart apartments and high-class amenities. 

Abhishek Trehan, Executive Director, Trehan Iris, says, “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.”

Ashish Sharma, AVP Operations, Brahma Group, believes, "2024 has been a pivotal year for the commercial real estate sector, with Gurugram solidifying its position as a hub for office spaces, retail centres, 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."  

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