Over 1,100 Luxury Homes Worth Rs 7,200 Crore Sold Out In Just 3 Days In Gurugram
High-end apartments in India are experiencing robust demand as affluent individuals indulge in luxury purchases, including expensive homes and luxury cars, fueled by the country's rapidly growing economy and increasing income levels.
Realty major DLF on Monday said it has sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of pre-launch amid strong demand for residential properties.
In a regulatory filing, DLF announced "pre-formal launch sales of approximately Rs 7,200 crore for its latest luxury residential development, DLF Privana South in Gurugram." In March last year, DLF sold 1,137 luxury apartments, priced ?7 crore and above, in its housing project in Gurugram for over ?8,000 crore within 3 days.
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The project consists of seven towers spread over 116 acres in the satellite city that's home to multinationals including Google and American Express. All four-bedroom and penthouse units were sold out, with a quarter bought by non-resident Indians, across all towers in the project, the developer said in the exchange filing.
High-end apartments in India are experiencing robust demand as affluent individuals indulge in luxury purchases, including expensive homes and luxury cars, fueled by the country's rapidly growing economy and increasing income levels.
The seemingly insatiable demand for premium apartments has prompted builders to launch more such projects in key cities of Delhi, Mumbai, Bengaluru and Hyderabad.
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The luxury boom will run for another couple of years, said Gulam Zia, senior executive director at real estate broker and consultant Knight Frank. "It is not just the top end of the pyramid but also the upper middle class buying these projects."
Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, said, "The swift pre-launch sellout serves as a testament to the increasing demand for high-rise luxury developments by DLF, delivering the highly aspirational DLF lifestyle."
To discourage bulk bookings, each buyer was allotted only one unit, with about 25 per cent of the sales coming from Non-Resident Indians (NRIs), and a booking amount of Rs 50 lakh.
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