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Luxury Housing and the dynamic rise of real estate in tier 2 and 3 cities. The year has proven transformative, reshaping the country's real estate landscape. Luxury housing has emerged as the centrepiece of India's real estate surge in 2024, with properties priced above Rs 10 crore witnessing a 38% increase in sales year-on-year, as per CBRE's India Market Monitor Q3 2024. High-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) have driven this growth, viewing luxury real estate as an asset class that offers both lifestyle upgrades and protection against inflation.

Vineet Dawar, President - Sales & Strategy, Elan Group, believes “2024 has been a landmark year for the Indian real estate sector, showcasing remarkable resilience and adaptability. The residential segment, particularly luxury housing, continued its stellar performance, drawing heightened interest from both end-users and investors. Investors from other cities and even international markets have also started to invest heavily in Gurugram, further fueling this growth.” 

Delhi-NCR has been at the forefront, with Gurugram recording a 12%-15% price appreciation in high-demand areas like Golf Course Road and Dwarka Expressway. These increases are attributed to infrastructure milestones such as the operational Dwarka Expressway and expanded metro connectivity.

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According to, Kunal Rishi, COO, of Paras Buildtech, “India's real estate market underwent a remarkable evolution in 2024, as the luxury segment surged to the forefront, eclipsing the once-dominant affordable housing sector. Gurugram has exemplified this shift, where the demand for high-end residences has grown exponentially, fueled by discerning buyers prioritizing sophistication, global aesthetics, and modern conveniences.  For developers, this shift calls for innovation and attention to detail, crafting offerings that resonate with evolving tastes.” 

Mumbai continues to hold its crown as India's luxury capital, with areas like South Mumbai, Bandra, and Juhu experiencing property value increases of up to 11% year-on-year. Major infrastructure projects such as the Mumbai Trans-Harbour Link have further solidified the city's appeal to affluent buyers. Meanwhile, Hyderabad has emerged as a key player in the luxury segment, with Jubilee Hills and the Financial District reporting a 25% growth in property prices. Developers are increasingly incorporating sustainability and smart technologies into their projects to cater to environmentally conscious buyers.

Kirthi Chilukuri, Founder & MD of Stonecraft Group said, “The housing sector in India has seen remarkable growth, an all-time high due to rapid urbanization but more importantly because owning a house hasn’t remained just a necessity, but a potential investment, a lifestyle and a self-satisfaction statement. Hyderabad being the hub of continuous IT attraction, most multinational corporations have chosen to make this place their destination which is directly proportional to the increasing demand for housing in Hyderabad. Developers are increasingly incorporating sustainability and smart technologies into their projects to cater to eco-conscious buyers. From energy-efficient buildings to green-certified leisure-filled townships, the focus has shifted towards creating properties that not only meet market demands but also contribute to environmental sustainability.”

Rahul Singla, Director, of Mapsko Group believes that the integration of technologies like AI-driven property management systems, and smart infrastructure has redefined the living standard in cities.

commented, “As we close the chapter on 2024, the Indian real estate sector has demonstrated exceptional resilience and innovation, emerging stronger and more dynamic than ever. The integration of AI-driven property management systems and smart infrastructure has redefined urban living standards. Moreover, the steady inflow of both domestic and international investments underscores the confidence in India’s real estate market as a global powerhouse. Looking ahead, 2025 promises to be a year of transformative opportunities as the sector continues its journey towards inclusivity, sustainability, and customer-centric innovation. Together, as an industry, we stand ready to embrace the evolving demands of a dynamic market, fostering growth and prosperity for all stakeholders. Let us step into the new year with renewed determination and a collective vision for a brighter, more sustainable future.”

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Disclaimer: This story has been written with inputs from various industry experts. All the opinions and views belong to the experts only.