Where Information Sparks Brilliance
Saturday, April 13, 2024
62.7 F
Where Information Sparks Brilliance
HomeBusinessOver Rs 1 lakh per square foot: Rates of high-end Gurgaon apartments,...

Over Rs 1 lakh per square foot: Rates of high-end Gurgaon apartments, almost on par with Mumbai’s exclusive neighbourhoods – Times of India

A 10,000 square feet apartment at The Camellias by DLF in Gurgaon’s Golf Course Road has recently clinched a staggering Rs 100 crore deal, according to an ET report. A similar-sized apartment was being sold for Rs 60 crore just a few months ago, signaling a significant surge in per-square-foot rates for this exclusive address.
The surge in luxury real estate prices has elevated Gurgaon and Delhi’s upscale areas to the level of Mumbai’s prestigious neighborhoods, with per-square-foot prices now surpassing Rs 1 lakh. Property experts are drawing parallels between The Camellias and Delhi’s esteemed Lutyens zone, home to the country’s top business magnates and political elite.
Amit Goyal, managing director of India Sotheby’s International Realty told ET that DLF Golf Links sees substantial demand for apartments from senior executives at MNCs, startup founders and businessmen due to its exceptional amenities and ecosystem.
The Aralias, the Magnolias, and the Camellias, the three Golf Links projects, have all experienced significant price increases in the past year. DLF sells 10,000-sq ft units in bare-shell 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 country’s most expensive condominiums.
Around 15% of property owners at The Camellias have upgraded from ‘The Magnolias’ and ‘The Aralias’. A majority of buyers hail 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 firm. Many startup founders have also invested in apartments in this sought-after property.

At 260kmph, supercars on Delhi-Mumbai Expressway are flouting driving norms

According to property experts, after the pandemic ultra-high-net-worth individuals (UHNI) look to put their money in gated condominiums instead of standalone bungalows since they get all the facilities within the premises.
The Camellias, which were introduced less than a decade ago at Rs 22,500 per square foot, are currently being sold for over Rs 85,000 per square foot. In simple terms, an apartment purchased for Rs 23 crore in 2014, spanning 10,000 square feet, is now valued at nearly four times its original price, at Rs 85 crore.
This trend of high-value apartment transactions is also gaining ground in Delhi, with transactions surpassing Rs 1 lakh per square foot. 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.

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

WP2Social Auto Publish Powered By : XYZScripts.com