 "DLF")
A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon's Golf Course Road has been bought for Rs 95 crore by Smiti Agarwal, the wife of Hemant Agarwal, CMD of retail giant V-Bazaar, shows documents accessed by CRE Matrix, a real estate data analytics firm.
The sale deed was executed in Smiti Agarwal’s name on January 18, 2024. She paid a stamp duty of Rs 4.75 crore for the transaction, along with registration fees of Rs 50,003. The seller is a Singapore-based NRI. The apartment size is 10,813 sq ft and it comes with five car parkings, the document showed.
The purchase comes at a time when DLF's Camellias has been witnessing a remarkable appreciation in value, with property rates within the complex surging to unprecedented levels. Last year, an 11,000 sq ft apartment in the same housing complex by DLF was sold for Rs 114 crore, demonstrating a rapid escalation in per-square-foot rates, now comparable to prime locations in Delhi and Mumbai.
The Camellias, alongside DLF's other super luxury projects – The Aralias and the Magnolias- part of DLF Golf Links – have all seen significant price appreciation, reflecting the growing appetite for luxury apartments. These projects have witnessed remarkable appreciation in market value and rental demands over the period from November 2021 to January 2024.
"DLF Camelias is a marquee property developed by renewed developer brand - DLF. It attracts premium purely because of its location, built quality, amenities, brand DLF and limited inventory for elite select few," said Abhishek Kiran Gupta, CEO and Co-Founder at CRE Matrix.
In December 2023, MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, invested approximately Rs 33 crore each in separate transactions to acquire 6,500 sq ft apartments at The Magnolias by DLF on Golf Course Road, Gurgaon. The demand for rentals in this area has witnessed a surge from regional expatriate residents, businessmen, CXOs based in Delhi NCR, and prospective homebuyers looking to transition from bungalows to high-rise condominiums.
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In Aralias, apartment prices have surged from Rs 12-12.5 crore in 2021 to Rs 27 crore onwards as of January 2024. In Magnolias, prices have increased from Rs 16-16.5 crore in 2021 to Rs 35.5 crore in 2024. The Camellias skyrocketed from Rs 33-35 crore in 2021 to an astounding Rs 75 crore in 2024.
The rental market has also experienced significant shifts post-pandemic, with The Aralias, The Magnolias, and The Camellias showcasing notable increases in rental prices for both fitted and furnished apartments. For instance, pre-pandemic rentals for The Aralias were between Rs2.6 - 2.7 lakh, which surged to Rs 4.5 - 4.75 lakh (fitted) and Rs 5.5-6 lakh (furnished) by April 2023. The Magnolias saw rentals increase from Rs3.7 - 3.8 lakh to Rs5.5 - 6 lakh (fitted) and Rs6.5 - 7 lakh (furnished), while The Camellias, which did not have pre-pandemic rates available, reported rentals of Rs 8-9 lakh (fitted) and Rs 11-12 lakh (furnished), highlighting the premium on luxury and space in the current market.
The year 2023 witnessed a 112% increase in demand for luxury housing, driven by rising disposable incomes and the pursuit of an elevated lifestyle. Data analysed by propoerty consulting firm Anarock shows that 58 ultra-luxury homes priced above Rs 40 crore were sold across seven major cities till November 2023, accumulating a total sales value of Rs 4,063 crore. Of these, Delhi-NCR recorded four deals for two ultra-luxury homes in Gurugram and two bungalows in Delhi.
At least 12 deals in 2023 were worth over Rs 100 crore each with 10 such deals in Mumbai and two in Delhi-NCR, the report said.
Last month, DLF announced the sale of entire 1,113 luxury flats in a project in Gurugram for Rs 7,200 crore within three days of pre-launch on strong demand from end-users and investors including NRIs. In March last year, DLF Ltd had sold 1,137 luxury apartments in its housing project ‘The Arbour’ in Gurugram for over Rs 8,000 crore.
In a regulatory filing in January 2024, DLF announced “pre-formal launch sales of approximately Rs 7,200 crore for its latest luxury residential development, DLF Privana South in Gurugram.” The new project, spread over 25 acre in Sectors 76 and 77, Gurugram, comprises 1,113 luxury residences across seven towers. There are 14 penthouses and rest are apartments.The price of apartments ranged between Rs 6.25-7.5 crore. Penthouses cost Rs 11-14 crore each.
Rich investors in Delhi, who would earlier buy bungalows, are now preferring housing communities with modern amenities, said real estate experts.
Rich investors in Delhi, who would earlier buy bungalows, are now preferring housing communities with modern amenities, said real estate experts.
“Buyers continue to invest with credible developers with an impeccable track record. The demand for luxury properties continues because capital markets are doing well, there is more wealth at peoples’ disposal and they have the aspiration to upgrade, according to Amit Goyal, managing director, India Sotheby’s International Realty.
