The rise in luxury real estate prices has taken the luxury neighborhoods of Gurgaon and Delhi to the level of Mumbai’s prestigious neighborhoods, with prices per square meter now crossing Rs 1 lakh. Real estate experts are drawing parallels between The Camellias and Delhi’s prized Lutyens zone, home to the country’s top business tycoons and political elite.
Amit Goyal, managing director of India Sotheby’s International Realty, told ET that DLF Golf Links is seeing substantial demand for apartments from senior executives at multinationals, startup founders and business people due to its exceptional amenities and ecosystem.
The Araliasthe Magnoliasand the Camellias, the three Golf Links projects, have all seen significant price increases in the past year. DLF is selling 10,000 sq ft units in bare condition for Rs 85 crore. However, owners who have made interior improvements are now seeking over Rs 100 crore for apartments of the same size, making it one of the most expensive apartments in the country.
Approximately 15% of property owners in The Camellias have upgraded from ‘The Magnolias’ and ‘The Aralias’. A majority of buyers are from the Delhi NCR region. Notable property owners at The Camellias include Aman Gupta, founder of BoAt; JC Chaudhry, founder of Aakash Educational Services; and the Elan Group, a real estate company. Many startup founders have also invested in apartments in this sought-after building.
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According to real estate experts, after the pandemic, ultra-high net worth individuals (UHNI) are looking to put their money in gated condominiums instead of standalone bungalows as they get all the facilities on site.
The Camellias, which were introduced less than a decade ago at Rs 22,500 per sq ft, are currently selling for over Rs 85,000 per sq ft. Simply put, an apartment bought in 2014 for Rs 23 crore and measuring 10,000 sq ft is now valued at almost four times its original price of Rs 85 crore.
This trend of transactions involving high-end apartments is also gaining ground in Delhi, with transactions crossing Rs 1 lakh per square meter. However, Mumbai’s exclusive areas such as Peddar Road, Malabar Hill, Marine Drive, the Oval Maidan, Worli and Cuffe Parade still maintain their lead over Delhi.