Luxury Real Estate Market in India Witnesses Record-Breaking Transactions

Strategic Insights -

A Delhi-based business family has made headlines by buying four bare shell apartments in DLF's upcoming luxury Dahlias project in Gurgaon for a staggering Rs 380 crore, setting a new record for the most expensive under construction high-rise project in the NCR. This deal surpasses the previous record of Rs 190 crore for a 16,290 square feet penthouse in DLF's luxurious Camellias. The apartments, which will be merged to create a single 35,000 square feet space, demonstrate the booming demand for luxury real estate in India, particularly in the Delhi NCR region.

Key Takeaways:

  • The Delhi-based family has purchased four bare shell apartments in DLF's Dahlias project, the most expensive under construction high-rise project in the NCR, for Rs 380 crore.
  • The apartments will be merged to create a single 35,000 square feet space, with a carpet area of about 22,750 sq feet.
  • The sale price of Rs 380 crore translates into a per square feet carpet area price of about Rs 1.7 lakh.
  • The transaction was advised by Kshitij Jain, founder of Rizin Advisory, who revealed that the family's third generation was looking to invest Rs 300-500 crore.
  • The Dahlias project is valued at over Rs 33,000 crore for 450 apartments, making it the largest project in India.
  • The luxury real estate market in Delhi NCR accounted for 64% of luxury residential launches in India's top seven cities in the first half of 2024.
  • A total of 59 ultra-luxury homes sold for about Rs 4,754 crore in 2024, with Mumbai accounting for 52 deals, Delhi NCR three, and two each in Hyderabad and Bengaluru.
  • The most expensive apartment deal in 2024 was Rs 190 crore for a condo in Gurgaon's DLF Camellias, followed by a bungalow selling for Rs 500 crore in Mumbai's Cuff Parade.

Statistics:

  • Rs 380 crore: The price paid by the Delhi-based family for four bare shell apartments in DLF's Dahlias project.
  • Rs 1.7 lakh: The per square feet carpet area price of the apartments.
  • 35,000 square feet: The total area of the merged apartment space.
  • 22,750 square feet: The carpet area of the apartments after merging.
  • Rs 300-500 crore: The budget of the third generation of the Delhi-based family for investing in real estate.
  • Rs 33,000 crore: The value of the Dahlias project for 450 apartments.
  • 64%: The share of luxury residential launches in Delhi NCR in India's top seven cities in the first half of 2024.
  • Rs 4,754 crore: The total value of ultra-luxury homes sold in 2024.
  • 52: The number of ultra-luxury home deals in Mumbai in 2024.
  • 3: The number of ultra-luxury home deals in Delhi NCR in 2024.
  • 2: The number of ultra-luxury home deals in Hyderabad and Bengaluru each in 2024.

Sources:

  • Times of India
  • Propequity, real estate data analytics firm
  • JLL, real estate consultancy firm
  • Anarock, real estate consultancy firm