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DLF’s new project in Gurugram
to have apartments priced at
₹80 crore
By Vandana Ramnani
Oct 10, 2024 02:31 PM IST
DLF is expected to launch around 400 bare shell
ultra luxury housing units with prices starting at
₹80,000 per sq ft, sources said
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Real estate major DLF Ltd is expected to launch
the country’s most expensive uber luxury real
estate project comprising more than 400 super
luxury apartments in Gurugram with the starting
price expected to be around ₹80 crore, sources in
the know told HT.com
DLF Ltd is expected to launch the country’s most expensive uber
luxury real estate project comprising more than 400 super
luxury apartments in Gurugram with the starting price expected
to be around ₹80 crore (Representational photo)(Pixabay)
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Once the project is launched, the residential
stretch along Golf Course Road in Gurugram,
currently known as North India billionaires’ row, is
expected to compete with not only ultra luxury
properties in Mumbai’s Altamount Road and
Delhi’s Lutyens area, that are primarily private
residences, but also with New York’s billionaires’
street located in the southern edge of Central
Park, said real estate experts.
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To be known as The Dahlias, the project is
expected to be located on the Golf Course Road in
Gurugram and is likely to be spread across an area
of more than 17 acres. It is expected to include
more than 400 ultra luxury apartments with prices
starting at ₹80,000 per sq ft, people in the know
said.
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“The size of the ultra-luxury apartments are
expected to start from 9,500 sq. ft. and go all the
way up to 16,000 sq ft, with an average size of
11,000 sq ft. Prices will start at ₹80,000 per sq ft.
with an average ticket price of roughly ₹100
crore,” said Samir Jasuja, founder and CEO of
PropEquity, a NSE-listed firm, adding all the units
are expected to be bare shell.
‘The launch price of these bare shell units is
expected to be around ₹80 crore and by the time
these are delivered and finished by the buyer, the
price would be more than ₹100 crore,” he said.
The clubhouse is likely to be spread across an area
of approximately 2,00,000 sq ft which is almost
twice the size of Camellias, he said..
Also Read: DLF to launch real estate projects
with ₹36,000 crore sales potential in
Gurugram, Mumbai and Goa this year
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Queries sent to DLF did not elicit a response till
press time. The story will be updated once a
response is received.In May this year, DLF had said
that it plans to take the Camellias’ super luxury
story to the next level in Gurugram. Having built
on the Camellias story in Gurugram, “We are now
ready to forge ahead with Lux5 in Q3, 2024 and
the price points are expected to be reasonably
higher, much higher than Magnolias which is
currently trading around ₹40 crore. The Lux 5
project is also expected to be more luxurious than
Camellias. It will be a ‘Only by Invitation’ product,”
the company had said.
Also Read: ‘Gurugram accounts for 55% of
housing launches in NCR’
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The project will have about 420 apartments, it had
said.
The company had said that having given Gurugram
two golf courses, the USP of Lux5 is expected to
be an artificial lake. “The super luxury apartments
will overlook a lake park. The design of the project
will be similar to super luxury projects in the US
and Europe with cafes and walkways, being an
integral part of the project,” it had said.
Project sale value and other details
Jasuja said that the sales value of the upcoming
ultra luxury project is expected to be around
₹34,000 crore, which is almost 2.5 times the value
of Camellias and any other project in India.The
sales value of DLF's The Dahlias is equivalent to
the total sales value of Three Sixty West by
Oberoi Realty in Mumbai, DLF Camellias in
Gurugram and Naman Xana in Mumbai. The
starting size of the apartment is 9500 sq. ft, he
said.
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According to PropEquity, the sales value of the upcoming ultra
luxury project is expected to be around ₹34,000 crore, which is
almost 2.5 times the value of Camellias and any other project in
India.
How will the project compare with Lutyens
Delhi bungalows once it is launched?
The sizes of these apartments are expected to
start at 9500 sq ft and go up to 16000 sq ft. In
premium locations in Delhi such as Jor Bagh,
Sunder Nagar, Golf Links the total size may not
exceed 3000 to 6000 sq ft as Lutyens Bungalow
Zone norms are applicable in some areas.
Considering that the launch price is expected to
be around ₹80,000 per sq ft, the total price of the
ultra luxury unit may be compared with that of
prices prevailing in Lutyens Delhi if not more,
explains Jasuja.
Who will buy these ultra luxury apartments?
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Ultra HNI buyers. A few apartments are likely to
be picked up by buyers of Camellias, Magnolias
and Aralias. It is interesting to note that a few
buyers own apartments in all the three ultra
luxury apartments launched by the company
earlier. That’s primarily due to the high return on
investment that an investor has received all along.
The average rent in Camellias for a 11000 sq ft
apartment is close to around ₹18 lakh per month.
“The rental of these properties is even higher than
A Grade commercial projects in Gurugram,” said
Jasuja.
How will the project change the dynamics of
the Gurugram market?
Delhi and Mumbai are considered to be the most
expensive cities in the world. Gurugram has now
overtaken Delhi and Mumbai in terms of price
points and luxury offerings. It is now the luxury
capital of India.
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An earlier report by PropEquity has shown that
maximum housing units priced above ₹5 crore
have been launched in Gurugram in 2023,
followed by Hyderabad and Mumbai. The analysis
showed that as many as 6332 new housing units
were launched in Gurugram. These were worth
₹47,490 crore. In Hyderabad, 4376 units were
launched and were worth 32,820 crore. In
Mumbai 4338 housing units were launched worth
₹32,535 crore while in New Delhi, 1042 housing
units were launched and were worth ₹7815 crore.
Will more investors buy into the DLF project
once it is launched?
Investors in this project may not be more than
10%. This depends on how you define investors,
said Jasuja.A resident of Camellias may decide to
move into this project once it is ready in four years
and rent out Camellias. “He will then become an
end user for this project and investor for the
project where he is currently residing in,” points
out Jasuja.
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Also Read: Delhi-NCR's real estate market: Here's
why rich Indians are lapping up luxury properties
What about maintenance?
Maintenance for super luxury projects is
anywhere between ₹6 to ₹8 per sq ft which means
that the monthly cost would be anywhere close to
₹60,000. This is almost half the amount charged as
maintenance in Mumbai. Buyers of such
apartments have to pay an additional club charges
fees plus the amount as per usage and
consumption, added Jasuja.
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