Real estate major DLF, that launched a new luxury project in Gurgaon, appears to have been a hit with buyers as a photo of interested parties crowding the company office is viral on social media. The company is expected to have sold 1,137 flats within three days.
Founder of Weekendinvesting Alok Jain shared a picture of people lining up at the DLF office and tweeted: “Where is the real estate slowdown?”
Later, Jain said that a DLF broker told him the entire project of 1,137 flats were sold out for Rs 7 crore each in three days.
The project, titled Arbour, is DLF’s first high-rise condominium after nearly 10 years. The last project which they completed was Crest and Camellias and the company has been focusing on generating cash by executing low-rise independent floors in DLF City, New Gurgaon and Panchkula.
Responding to the post, some Twitter users said that a majority of the flats might have been bought by brokers.
“90 percent is bought by a few groups of investors/brokers. Have you visited Camelias on Gurgaon Golf course? Everything is sold out from DLF. Go in the evening and see how many apartments lights are switched on. Less than 40 percent inhabitants out of which half are on rent!” wrote Sumit Agarwal National Secretary – Confederation of All India Traders.
“That might be true but Brokers and Builders always create this FOMO. There are still many flats available for primary sale in Delhi’s DLF Kings Court (top luxury project in Delhi NCR) P.S. The project launched in 2011,” commented finance educator CA Kanan Bahl.
DLF’s recent project, DLF Arbour, is located in Sector 63, Gurgaon and is spread across an area of 25.8 acres and comprises only five towers. These are ground plus 39 floors. The apartments were being offered at a base price of Rs 18,000 per square feet and the size of each is 3,900 square feet. Buyers have a choice of three parking bays per apartment with electric vehicle charging facility. The club house is spread across 1 lakh sq ft of space, sources said.
Source : Money Control