The Gurgaon real estate circles are abuzz with a Rs100-crore deal for a 10,000 square feet apartment at The Camellias by DLF in the Millennium City’s Golf Course Road. Just a few months ago, the real estate company was selling a similar sized apartment at Rs60 crore, but per square-foot rates for the exclusive address have surged in the past four months.
“There is a huge demand for apartments at DLF Golf Links since most startup founders, senior executives of MNCs, and businessmen prefer to live here because of the unmatched amenities and ecosystem,” said Amit Goyal, managing director, India Sotheby’s International Realty.
“All three Golf Links projects — the Aralias, the Magnolias, and the Camellias — have witnessed significant price increases since last year.” While DLF sells the apartments in a bare-shell condition at a quoted price of Rs85 crore for a 10,000-sq ft unit, owners who have invested in interior improvements are demanding more than Rs100 crore for apartments of the same size, thus establishing the property as one of the most expensive condominiums in the country.
This remarkable surge in luxury real estate prices in Gurgaon and Delhi’s tony areas has brought the rates of high-end apartments in the glitzy southwestern suburb and bungalows in Lutyens zone on a par with Mumbai’s prestigious neighbourhoods, with the per-sq-ft price inching past Rs1 lakh.
In the National Capital Region (NCR) that includes Delhi and its suburbs such as Noida and Gurgaon, property experts are now drawing comparisons between the Camellias and Delhi’s esteemed Lutyens zone, the latter being the home of the country’s top business magnates and political elite.
Approximately 15% of property owners at The Camellias have upgraded from ‘The Magnolias’ and ‘The Aralias’. Meanwhile, the majority of the buyers are from the Delhi NCR. Some of the prominent names who own property at The Camellias include Aman Gupta, founder of BoAt; JC Chaudhry, founder of Aakash Educational Services; and Elan Group, a real estate firm.
Many other startup founders have reportedly bought apartments in the property. Real estate experts said that post-Covid, ultra-high-net-worth individuals (UHNI) generally prefer gated condominiums instead of standalone bungalows as they get all the facilities within the premises.
The Camellias, introduced less than a decade ago at Rs 22,500 per square foot, are currently commanding a selling price of over Rs 85,000 per square foot. Simply put, an apartment spanning 10,000 square feet and purchased in 2014 for Rs 23 crore, now costs nearly four times its original value — at Rs 85 crore. And Delhi is following Mumbai’s lead, with significant highvalue apartment transactions also becoming increasingly prevalent in the capital city.
While Delhi transactions are crossing the Rs 1 lakh per square foot milestone, Mumbai’s exclusive SoBo (South Bombay) areas — Peddar Road, Malabar Hill, Marine Drive, the Oval Maidan, Worli and Cuffe Parade — still maintain their lead over Delhi.
SET
