India’s real estate story in 2024 was anything but straightforward. After riding a high-growth wave post-pandemic, the housing market hit its first bump in years. A combination of soaring property prices and stubbornly high borrowing costs dimmed buyers’ enthusiasm, resulting in a marginal 4% dip in residential sales. Luxury housing thrived as the ultra-rich snapped up swanky penthouses and villas at launch, but affordable housing struggled. Meanwhile, the office space segment soared, recording its highest-ever leasing activity. While the housing segment hit a speed bump, commercial real estate had a stellar year. Office space leasing jumped 14%, hitting a record 85 million square feet. Even the Securities and Exchange Board of India (SEBI) joined the party, introducing regulations for Small and Medium Real Estate Investment Trusts, opening new doors for investment in rent-yielding properties. The surge in e-commerce and manufacturing kept the demand for industrial and logistics spaces buzzing, while premium shopping malls thrived, thanks to entertainment and F&B outlets. If 2024 was a year of recalibration, 2025 could be one of revival—provided policy tweaks and rate cuts align with market needs.