He is remembering their first meeting after leap with jugnu... So this guy always love her and hurt her...
Red...white... yellow... Green...( Between in all this, pranati looks beautiful)
He has always 'liked' her, like how Maan talked about 'liking Navya', in a pre lockdown episode where Dadi asks Rey that if he has met someone he likes, he talks about a girl from his late teens with flashbacks of Prani. Which is followed by the first wishing tree scene with Praniti destroying their memories on one side and Rey reminiscing their days together on the other side of the tree.
As far as my perspective goes, he doesn't love her yet. Loving her means so much more. He like her, he cares for her, the feelings are getting stronger but the road to love is way longer journey.