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DLF flat in Gurgaon sold for Rs 100 crore: Luxury property deal narrows gap with Delhi

Priya Singh | 2023-10-26

Although the price may have been at par with some bungalows in the national capital, it was not reflective of the entire Gurgaon real estate market
After a 11,000 square foot apartment was sold for more than Rs 100 crore in a resale in Gurgaon, the transaction is being compared with deals in New Delhi’s posh localities.
Days after a 11,000 square foot apartment at The Camellias by DLF on Gurgaon's Golf Course Road was sold for more than Rs 100 crore in a resale, the transaction is being compared with deals in New Delhi’s posh localities, which are among the priciest properties in the country.

Experts said even though the price was at par with that of bungalows in the national capital’s upmarket areas and comparable to several premium sea-facing properties in Mumbai, the deal was not reflective of the entire Gurgaon micro-market but only of one project facing the golf course. Similar units by other developers in the same location may command only one-third of this price.

However, the deal does narrow the gap between prices in older established micro-markets of the National Capital Region, known for their prime locations, with those of the relatively new Gurgaon market, they said.

These uber luxury apartments (The Camellias) in Gurgaon were sold by the developer as bare-shell units back in 2014 at a rate of Rs 22,500 per sq. ft. The price of the recent deal, said sources, is almost Rs 114 crore. The unit was bought for about Rs 45 crore a few years ago, they said, adding that the primary owner sold it after spending a substantial amount on doing up the interiors, they said
“Appreciation of the golf course-facing unit, location, an unmatched product by a builder of repute, and the fact that the new owner gets a ready apartment and will not have to spend time and effort in doing up the condominium’s interiors are what helped the seller command a premium,” said Ritish Mehta, a senior director at Jones Lang LaSalle. “This is also a case of a luxury product by a particular developer that is driving demand. It is all about demand-supply mismatch – very few units of this kind are available in the Gurgaon
Most buyers of luxury homes prefer bare-shell apartments. Almost 30 percent of the cost of the unit is generally spent on interiors. An estimated 95 percent of Mumbai’s uber luxury market is a bare-shell market, whereas in Delhi, 95 percent has all along been a builder-finished market.

“With more uber luxury projects getting launched in the NCR market, this ratio may also change, with more buyers willing to go in for bare-shell units and do them up to suit their lifestyles