August 19, 2024 |
Is Gurgaon About to Unseat Mumbai in Price of Luxury Condos?
DLF is set to launch Camellias-II in Gurgaon, potentially becoming India’s most expensive highrise condominium. Apartments may start at Rs 60 crore for 10,000 square feet,
The post-Covid real estate boom might soon witness what could be India’s costliest ever super luxury highrise condominium in terms of carpet area. Leading developer DLF is set to launch Camellias-II in Gurgaon, right across the road from the existing Camellias, with apartments potentially starting at Rs 60 crore for 10,000 square feet as the entry level.
While sources suggest Camellias-II prices may range from Rs 60,000-70,000 per square foot in super area terms, its carpet area could potentially surpass Camellias’ current rate of almost Rs 1.7 lakh per square foot.
If these projections hold true, Camellias-II could become a new benchmark in India’s luxury real estate market. The existing Camellias, home to top Delhi NCR-based CEOs and high net worth individuals, was launched at Rs 22,500 per square foot (price for the super area) a decade ago and is currently among the most expensive condominiums in the country.
Historically, the poshest parts of Mumbai and Delhi have seen the highest real estate prices, exceeding Rs 1 lakh per square foot. Gurgaon, currently India’s fastest-growing luxury real estate market, broke into this club with Camellias, where the largest apartments have reportedly sold for over Rs 100 crore in the recent past.
Amit Goyal, CEO of India Sotheby’s International Realty, confirms that Mumbai, Delhi, and some parts of Gurgaon are the only areas that command over Rs 1 lakh per square foot pricing. “We have sold apartments in Delhi’s Jorbagh and Malcha Marg (not high rise) for Rs 25-30 crore with a price of Rs 1.2-1.3 lakh per square foot. In Mumbai, the price is Rs 1.2-1.4 lakh per square foot for prime SoBo areas,” Goyal said.
Real estate data analytics firm Propequity founder-CEO Samir Jasuja offers an interesting perspective: “In Delhi, real estate pricing is for super area. In Mumbai, it’s for carpet area. So for an apple-to-apple comparison in carpet area terms, Camellias is currently India’s most expensive condominium.” Carpet area, as the name suggests, is the area where the resident can lay a carpet, while super area proportionately includes a building’s common areas like clubs.
While not commenting on the yet-to-be-announced project, DLF Home Developers Ltd joint MD & chief business officer Aakash Ohri told TOI Friday that demand for “bigger and better” homes has skyrocketed post-Covid and continues to be strong. He said DLF has sold 2,500 units across three projects in Gurgaon worth Rs 22,000 crore in a 15-month period starting March 2023. “All these projects were sold out in a matter of days, from three to a week, like Apple phones,” he said.
According to Propequity, India’s luxury real estate market has grown 250% from a Rs 39,000 crore market in 2018 to Rs 1.39 lakh crore in 2023. “While the stock market has grown the fastest in this period, luxury real estate has seen the highest appreciation for any assets class in this period. Luxury is 3-4% off the overall real estate market and super luxury is less than 0.004% at Rs 14,000 crore per year,” Jasuja said.
This market is all set to keep growing. “Moving to a bigger home has become a priority post Covid as people felt caged in during those days. Now we see more people in their 30s and 40s buying homes. The demand is for aspirational homes with buyers seeking better things from developers. Almost 25% of our topline business comes from NRIs,” DLF’s Ohri said.
The demand is right across the country. DLF is launching luxury villas is Goa starting at Rs 60 crore. According to Propequity, Gurgaon is biggest market for luxury and super luxury real estate, followed by Hyderabad, Mumbai, Delhi, Navi Mumbai, Noida, Bengaluru, Pune and Chennai.
Source : TOI
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