By Manju Yagnik, Vice Chairperson, Nahar Group and Senior Vice President, NAREDCO Maharashtra
With India’s housing market experiencing an ongoing boom, 2024 is projected to be the best year yet for home sales, with approximately 3 lakh homes worth ₹510,000 crore expected to be registered in top metros by the year’s end. This surge in sales has been largely driven by economic growth, improved infrastructure, and robust demand, leading to rising capital values.
As we navigate India’s ever-evolving real estate landscape, 2024 will continue to be a year of significant transformation. Luxury housing, particularly homes priced between ₹10 crore and ₹80 crore, witnessed a steep rise in demand, particularly in posh areas like Worli, Peddar Road, Napeansea Road, Malabar Hill, and Bandra. At the same time, there was equally strong demand for affordable 1 & 2 BHK homes under ₹2 crore, in suburban locations like Andheri, Kandivali, Chandivali, Mulund, Bhandup, Thane, Goregaon, and Dahisar.
One of the defining trends of 2024 has been the growing emphasis on green living and smart infrastructure. The residential segment saw a marked rise in demand for homes located within integrated townships that prioritize open green spaces, reflecting the luxury lifestyle quotient for the year.
On the commercial front, India’s office market exceeded expectations, with record-high leasing activity in 2024. About 58-60 million sq. ft. of new office developments were completed by the end of the year, highlighting strong demand in this sector.
In addition, the Maharashtra state government recognized the critical role infrastructure plays in economic growth, increasing its capital outlay to ₹8.7 lakh crore in 2024. This investment is being used to complete several ambitious infrastructure projects that are rapidly transforming Mumbai’s landscape. Key projects, including the Coastal Road, Navi Mumbai International Airport, Mumbai Metro Line 3, and the Versova-Bandra Sea Link, are improving connectivity, fuelling expansion in the real estate market, and elevating the city’s quality of life.
The increased infrastructure and connectivity in these cities have also contributed to rising property rates, with peripheral micro-markets benefiting from the overall development. Urbanization continues to accelerate as more people move to metropolises for better employment opportunities and enhanced living standards. Demographic shifts, including the rise of nuclear families and the affluence of young professionals, have led to greater demand for urban housing, a trend set to continue in the coming years.
India’s housing market remains on strong footing, and 2024 is expected to close as the best year ever in terms of sector performance. The continued buoyancy of India’s residential market, supported by strong fundamentals, is a testament to the country’s growing real estate potential.
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