India's commercial office market has achieved “record-breaking” absorption of 66.4 million square feet in 2024, marking 14 percent year-on-year (YoY) growth even as the market is projected to touch 65-70 msf demand in 2025, according to a FICCI-Colliers report.
When we think of the most expensive luxury real estate in India, we tend to picture South Mumbai’s sea-facing apartments or Bengaluru’s tech-driven penthouses. These metro cities seem to steal the spotlight when it comes to sky-high real estate prices.
But this time, the luxury property boom is unfolding somewhere else. New Delhi, often known for its political power corridors, is now making waves in the premium housing market, outpacing even Mumbai in luxury home price appreciation.
The Odisha government is contemplating creation of Greater Bhubaneswar Economic Region encompassing Bhubaneswar, Cuttack, Puri and Paradip. While reviewing various activities of Housing and Urban Development department at Lok Seva Bhawan here on Friday, Chief Minister Mohan Charan Majhi emphasised the necessity of such a plan from both urbanisation and economic perspectives to achieve a developed Odisha by 2036.
India has once again secured the third position globally in the U.S. Green Building Council’s (USGBC) annual ranking of countries and regions with the most LEED-certified green buildings. With 370 projects covering 8.50 million gross square meters (GSM) of certified space, India continues to demonstrate its commitment to sustainable construction and environmentally responsible development. This ranking highlights India’s growing role in the global green building movement and its progress in achieving sustainability goals.
Pradhan Mantri Awas Yojana (PMAY) has been a landmark initiative in India’s housing sector, providing an ambitious solution to the country's growing housing demands, especially for the economically weaker sections (EWS) and low-income groups. Launched in 2015 by the Government of India, this scheme has transformed the urban and rural landscape of housing in India. It aims to provide affordable housing for all, aligned with the government's vision of ‘Housing for All.’
India is witnessing a significant surge in travel related to religion, which real estate experts say is also driving realty demand in religious tourism hubs. According to Magicbricks data, tier 2 and 3 cities like Prayagraj and Ayodhya in Uttar Pradesh and Puri in Odisha, among others, have seen a jump in enquiries about possible purchases, attributed to a surge in those visiting for religious observances.
New Delhi has emerged as a top contender in the global luxury real estate market, securing the 6th position among 44 cities worldwide for the highest price appreciation of luxury homes, according to the latest Prime Global Cities Index Q4 2024 by real estate consultant Knight Frank. The capital city saw a 6.7% increase in luxury home prices during the December 2024 quarter, reflecting a growing demand for high-end properties in India’s capital.
The Indian real estate sector is experiencing significant growth, characterized by robust demand and dynamic market conditions. Supported by a resilient economy, expanding infrastructure development, and proactive government policies, the real estate sector has not only established a strong presence but is also entering a new phase of expansion, unlocking substantial growth potential for the nation. From the development of modern urban centers to accommodating leading global corporations, the sector has emerged as a crucial driver of the country’s economic progress.
Even as property prices soar, homeownership remains a top aspiration for most Indians. A new Ipsos India survey reveals that six in ten Indians want to buy a house, but financial hurdles and rising costs make it difficult—especially for renters, nearly half of whom fear they may never afford one.
