Luxury Homes Close to $1 Billion Sold Within Three Days in Gurugram

DLF Ltd., one of the largest Real Estate firms in India has sold 1,113 upscale residences in Gurugram within a mere three days, with a significant portion acquired by non-resident Indians, even before starting construction.

Situated across 116 acres in Gurugram, a satellite city hosting major multinational corporations like Google and American Express, the apartment complex has witnessed robust demand.

The DLF Privana South project’s seven towers, housing exclusively four-bedroom and penthouse units, reported complete sell-outs, as disclosed in an official filing by the developer.

Over the past year, DLF shares have surged over 100%, reaching their highest level since 2008, surpassing the 18% increase in the benchmark BSE Sensex index.

India’s affluent population has been demonstrating a heightened appetite for luxury goods, extending from high-end automobiles to expensive homes, fueled by escalating income levels in one of the world’s fastest-growing major economies. This insatiable demand for premium apartments has triggered increased project launches by builders in prominent cities such as Delhi, Mumbai, Bengaluru, and Hyderabad.

Gulam Zia, senior executive director at real estate broker and consultant Knight Frank, anticipates the luxury housing trend to persist for the next few years, emphasizing that it is not confined solely to the upper echelons of society but also includes the upper middle class.

Despite measures to discourage bulk bookings, such as limiting allotments to one unit per buyer and raising the booking amount to five times the industry standard, DLF managed to sell the apartments swiftly. Last year, the company achieved a similar feat by selling over 1,100 apartments valued at approximately $1 billion in just three days. Godrej Properties Ltd., another prominent developer, also experienced a sell-out of luxury homes exceeding $500 million near the capital and unveiled plans for further development.

Parvasi Media Group