Hira Ludhani, Director, Evershine Builders
In 2024, the Indian real estate sector emerged as a towering banyan tree-deeply rooted and resilient while branching out to explore new opportunities. The year's performance showcased adaptability and growth across various segments. As the curtains rise on 2025, the sector stands strong with immense potential, ready to make the most of innovation, technology, and consolidation, all while meeting market demands.
2024: A Mosaic of Growth and Diversification
The past year highlighted the sector's ability to adapt and innovate. While affordable and luxury housing garnered considerable attention, the broader story was one of diversification and growth across segments.
Affordable and Mid-Segment Housing
In 2024, Mumbai's affordable and mid-segment housing markets grew steadily, driven by middle-income families and first-time homebuyers. Developers focused on innovative financing and better-quality construction, supported by the region's improving infrastructure and connectivity.
Suburban areas, supported by metro expansions and the upcoming Navi Mumbai International Airport, emerged as preferred residential locations. These regions offered affordable, spacious homes with modern amenities, catering to the needs of urban homebuyers. Evershine Group, too, contributed to this growth through projects like Evershine Amavi 303 in Evershine Global City, Virar, which has already welcomed over 600 residents.
Residential Sector
Across India, the residential real estate sector showed robust growth. The market witnessed a 17% year-on-year increase in sales, driven by heightened buyer confidence and a rising demand for mid-segment and affordable housing (Source: Real Estate Market Report 2024).
Mumbai's residential real estate market saw significant momentum in 2024. The city witnessed a notable rise in demand for premium and luxury housing, driven by the aspirations of an affluent upper-middle class and high-net-worth individuals. New project launches focused on high-end properties, catering to buyers seeking modern amenities and premium living experiences. The increase in urbanisation and employment opportunities further boosted buyer confidence, making Mumbai a key player in the nation's real estate landscape.
2025: The Winds of Change
Looking ahead, 2025 promises to be a transformative year for the real estate industry.
Consolidation
The regulatory framework, led by RERA, has brought greater transparency and accountability, leading to positive changes within the sector. Smaller, less-organized players face challenges, while credible developers continue to dominate. This benefits end-users, ensuring the timely delivery of quality projects.
Technology
Technology remains a linchpin in 2025's transformation. From AI-powered analytics for market trends to blockchain enabling transaction transparency, the industry is positively responding to a digital-first approach. Virtual property tours, IoT-centered smart homes, and advanced property management apps are no longer luxuries but necessities.
Sustainability
Sustainability has also become non-negotiable. Developers are turning toward green building practices, renewable energy solutions, and water conservation techniques. Certifications like LEED (Leadership in Energy and Environmental Design) and IGBC (Indian Green Building Council) are setting benchmarks as buyers show an affinity for climate-conscious choices.
At Evershine Group, we are fully committed to this shift, incorporating EV charging points, rooftop solar panels, and energy-efficient systems in our projects. Our customers are also choosing eco-friendly interiors, opting for materials like bamboo, recycled wood, and energy-saving lighting.
The Road Ahead
The Indian real estate sector in 2024 demonstrated its strength and adaptability. As 2025 unfolds, the sector stands on a solid foundation, holding a clear vision for the future. With this momentum, Indian real estate is poised to scale even greater heights in the years to come.
