The Gurugram real estate has made a buzz with a rs 100 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 also selling similar-sized apartments at rs 60 crore, but per-square-foot rates for the exclusive address have also surged in the past four months.
Amit Goyal, managing director of India Sotheby’s International Realty, said that 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.
All three Golf Links Projects, the Aralias, the Magnolias, and the Camellias. The project witnessed a significant price increase since last year. While DLF sells the apartments in a bare-shell condition at a quoted price of rs 85 crore for a 10,000 sq ft unit where the owners have invested in interior improvement and are demanding more than Rs 100 crore of apartments of the same size, 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 southwest suburbs and bungalows in Lutyens zone on a par with Miumbai’s prestigious neighborhood, with the per-sq-ft price inching past rs 1 lakh.
The National Capital Region (NCR) includes Delhi and its suburbs such as Noida and Gurgaon, where 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 the property owners at the Camellias have already upgraded from
“The Magnolias” and “The Aralias”. Meanwhile, the majority of the buyers are from 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.
Real estate experts said that post-COVID, Ultra-high net worth individuals (UHN) generally prefer gated condominiums instead of standalone bungalows as they are going to get all the facilities within the premises. The project was introduced less than a decade ago at rs 22,500 per square foot. The project is currently commanding a selling price of over rs 85,000 per square foot.
The apartment spans 10,000 square feet and was purchased in 2014 for rs 23 crore which is nearly four times its original value at rs 85 crore. Delhi is also followed by Mumbai’s lead which comes with a significant high-value apartment transaction also prevalent in the capital city.
The Delhi transaction is crossing the rs 1 lakh per square foot milestones. Mumbai’s exclusive SoBo (South Bombay) areas like Peddar Road, Malabar Hills, Marine Drive, and the Oval Maidan, Worli, and Cuffe Parade which also maintain their lead over Delhi.
