 "DLF")
MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, have 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, according to a report by The Economic Times (ET). The luxury real estate market in the National Capital Region (NCR) has experienced a significant surge, with similar-sized apartments selling for Rs 19 crore just last year.
Documents accessed through CRE Matrix, as reported by ET, revealed that Magow's apartment cost Rs 33 crore, while Mehta's spent about Rs 32.6 crore. The increased demand for such properties is evident from the recent Rs 100-crore deal for a 10,000 sq ft apartment at The Camellias by DLF.
Both apartments secured by Magow and Mehta have witnessed substantial price appreciation. With high-profile individuals, CEOs, startup founders, and businessmen choosing these residences, Golf Links projects – the Aralias, the Magnolias, and the Camellias - have become some of the most sought-after addresses in the NCR.
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DLF's The Camellias project holds an overall value of Rs 12,000 crore, with only 429 units offered for sale. Despite the pandemic, DLF experienced a surge in sales, surpassing the number of Camellias units sold in the previous two years. The Golf Links residences on Golf Course Road, part of DLF5, also command some of the highest rentals in the luxury and super-luxury segments across the country.
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.
Industry experts noted that these luxury real estate prices in Gurgaon and Delhi's prime areas now rival those in Mumbai's prestigious neighbourhoods. The surge in prices has brought high-end apartments in Gurgaon and Lutyens Zone bungalows to a similar level, with comparisons being drawn between The Camellias and Delhi's esteemed Lutyens zone.
