In a significant development that’s currently making waves in Gurgaon’s real estate circles, a substantial transaction valued at Rs 100 crore has been reported for a lavish 10,000 square feet apartment at The Camellias by DLF on Golf Course Road. This news comes from a recent report in The Economic Times.
According to the report, just a few months ago, a similarly sized apartment in the same sought-after location was sold for a significant Rs 60 crore. What’s behind this remarkable surge in property prices? The answer lies in the substantial increase in per-square-foot rates for properties in this prestigious address over the past four months.
Amit Goyal, Managing Director of India Sotheby’s International Realty, emphasized, “There is a huge demand for apartments at DLF Golf Links, as most startup founders, senior executives of multinational corporations, and businessmen prefer to live here due to the unmatched amenities and ecosystem.”
DLF offers these apartments in a basic, unfinished state, with a listed price of Rs 85 crore for a 10,000-square-foot unit. However, it’s noteworthy that property owners who have invested in interior enhancements are now seeking over Rs 100 crore for apartments of equivalent size, solidifying the property’s status as one of the most opulent condominiums in the nation, as reported by ET.
The remarkable increase in luxury real estate costs is not limited to Gurgaon; it extends to affluent areas of Delhi as well. This has led to elevated prices for high-end apartments in the southwestern suburb of Gurgaon and mansions in the prestigious Lutyens zone of Delhi. These prices now rival the rates seen in Mumbai’s exclusive neighborhoods, where the cost per square foot has surpassed Rs 1 lakh.
Within the National Capital Region (NCR), which encompasses Delhi and its neighboring areas like Noida and Gurgaon, real estate professionals are currently drawing parallels between The Camellias and Delhi’s prestigious Lutyens zone.
In a broader context, it’s worth noting that earlier in August, a joint report by Knight Frank and the National Real Estate Development Council (NAREDCO) projected that India’s real estate sector is poised for remarkable growth. The report titled ‘India Real Estate: Vision 2047’ anticipates the sector expanding to $5.8 trillion by 2047, contributing 15.5% to the GDP, up from the existing share of 7.3%.
The report underscores the dominance of the residential segment in the real estate sector’s growth, and it projects that by 2047, as India approaches its 100th year of independence, the size of India’s economy is estimated to range between $33-40 trillion.
Excitingly, this robust development in the real estate sector aligns with the growing optimism about India’s economic future, positioning the country as a promising hub for high-end real estate investments. This trend is underpinned by the increasing demand for exclusive properties in prime locations like The Camellias in Gurgaon, symbolizing the country’s burgeoning luxury real estate market.