India’s commercial real estate sector achieved remarkable growth in 2024, with Grade-A office space absorption surpassing 52 million square feet, reflecting a 15% year-on-year increase. Gurugram emerged as a leading commercial hub, bolstered by strategic developments and robust connectivity, including completing the 30-kilometer Dwarka Expressway.

“In 2024, the Indian real estate sector experienced significant growth, with commercial real estate leading the way,” said Harinder Singh Hora, Founder and Chairman of Reach Group. He added, “Gurugram reaffirmed its status as a top commercial hub, attracting multinational corporations and boosting retail and office space absorption by approximately 20%.”

Noida: A Rising Commercial Powerhouse

Noida also witnessed significant activity, particularly along the Noida-Greater Expressway, as demand for premium office and retail spaces surged. This growth was driven by the increasing presence of IT/ITES companies and global corporations. Amish Bhutani, Managing Director of Group 108, highlighted, “The expressway’s enhanced connectivity, combined with the upcoming Noida International Airport, has significantly boosted the area’s appeal.”

Bhutani anticipates this upward trend to continue into 2025, driven by infrastructure advancements and a growing global business presence. The combination of modern connectivity and strategic developments positions Noida as a key player in India’s commercial real estate landscape.

Infrastructure Driving Demand

Key infrastructure projects, such as the Dwarka Expressway and the Noida International Airport, played pivotal roles in boosting the appeal of these regions. The improved connectivity has made Gurugram and Noida prime business locations, further driving demand for Grade-A office spaces and premium retail developments.

A Look Toward 2025

With ongoing infrastructure developments and rising demand, Gurugram and Noida are set to solidify their positions as commercial real estate powerhouses in 2025. The continued presence of multinational corporations and a growing interest in flexible workspaces and retail opportunities will likely fuel further growth in these regions. The Indian commercial real estate market is steadily expanding, reflecting resilience and innovation in a rapidly evolving landscape.