In a recent development, the country’s biggest real estate developer, DLF Ltd. has sold all its luxury apartments on offer in a $865 million project near Delhi that too before even starting the construction.
Rich Indians Purchasing Luxury Homes In India
Within three days, the real estate developer had sold over 1,113 luxury residences in Gurugram.
Out of all the sold apartments, interestingly, a quarter were bought by non-resident Indians.
As part of this offering, all the four-bedroom and penthouse units were sold out across seven towers in the DLF Privana South project, the developer informed in an exchange filing.
Further diving in details, the said apartment complex is planned to be developed over 116 acres in the satellite city which is already a home to multinationals such as Google and American Express.
When it comes to the company’s performance, the shares of this real estate firm have almost doubled in the past year.
Its value is the highest level since 2008, hence outpacing an 18% rise in the benchmark BSE Sensex index.
Luxurious Homes & Cars In High Demand
It appears that the expensive premium apartments have been in high demand in India.
Not only that, nowadays the well-off splurge on everything, be it be luxurious cars or pricey homes.
This is expected considering the rising income levels in one of the fastest growing major economies in the world
This kind of demand demonstrates the insatiable demand for premium luxury apartments.
It has also prompted real estate companies to come up with such projects in the key locations including Delhi, Mumbai, Bengaluru and Hyderabad.
For now, this luxury boom is expected to run for another couple of years, according to Gulam Zia, the senior executive director at real estate broker and consultant Knight Frank.
Adding, “It is not just the top end of the pyramid but also the upper middle class buying these projects.”
In this case, DLF has sold all these apartments swiftly while taking care of the measures to discourage bulk bookings,
It also includes limiting allotments to one unit for each buyer and further raising the booking amount to five times the industry standard.
Earlier, DLF sold more than 1,100 apartments worth about $1 billion in just three days last year.
DLF’s competitor Godrej Properties Ltd. and another top developer has sold out luxury homes worth more than $500 million in the projects near the capital.
