Luxury Real Estate Boom in Delhi-NCR: ₹380 Crore Deal Sets New Record

Strategic Insights -

In a rare and remarkable transaction, a Delhi-based business family has purchased four bare shell apartments in DLF's Dahlias project in Gurgaon for a staggering ₹380 crore. This deal surpasses the previous record for the most expensive highrise condominium in the National Capital Region (NCR), set by a ₹190 crore penthouse sale in DLF Camellias last December. The joint family, with a history of business ventures spanning nearly a century, had initially allocated a budget of ₹300-500 crore for a luxurious property, but ultimately found the Dahlias project to be the most suitable option.

Key Takeaways:

  • The ₹380 crore deal is the most expensive under-construction highrise project in NCR, with a carpet area of approximately 22,750 sq feet, translating to a per square foot price of ₹1.7 lakh.
  • Kshitij Jain, founder of Rizin Advisory, advised the transaction, connecting the family with the Dahlias project, which will provide the four apartments with two access-controlled elevators.
  • The family already owns an apartment in DLF Camellias and opted for Dahlias due to its unique offering and prime location near a potential 35,000-square-foot space created by removing the common wall between two adjacent towers.
  • The Dahlias project is valued at over ₹42,000 crore for 420 apartments and is approximately 3.5 years away from completion, with a total cost of the four apartments expected to cross ₹500 crore after interior finishes and registration.
  • The ultra-luxury market in Delhi-NCR is booming, accounting for 64% of luxury residential launches in the top seven cities in the first half of 2024, with 59 ultra-luxury homes sold for around ₹4,754 crore.

Statistics:

  • The four APCs (Attached Properties-Cum-Carpet Apartment) were bought from DLF for ₹380 crore.
  • The deal marks the most expensive highrise condominium sale in NCR, surpassing the previous record set by a ₹190 crore penthouse sale in DLF Camellias last December.
  • The per square foot carpet area price of the four apartments comes out to be around ₹1.7 lakh (after loading 35%).
  • The total cost of the four apartments, once finished with interiors and registered, is expected to cross ₹500 crore (excluding the loading of 35% for renovation).
  • The ultra-luxury market in Delhi-NCR accounted for a remarkable 64% share of luxury residential launches in the top seven cities in the first half of 2024.
  • In total, 59 ultra-luxury homes were sold for around ₹4,754 crore in 2024.

Sources:

  • A person in the know (no date mentioned)
  • Kshitij Jain, founder of Rizin Advisory (no date mentioned)
  • Samir Jasuja, founder-CEO of Propequity (no date mentioned)
  • JLL real estate consultancy firm (2024)
  • Times of India (no date mentioned)