Gurgaon Apartment Sales Stun The Market- All You Need To Know

By Bricksnwall | 2023-10-11

The Gurgaon real estate market is buzzing with the news of a Rs100-crore sale involving a 10,000-square-foot apartment at The Camellias by DLF on Golf Course Road.

According to the source, a similar-sized apartment in the same location sold for 60 crore a few months ago. The significant increase in per-square-foot charges for this address over the last four months is related to the jump in property values.

"There is a high demand for apartments at DLF Golf Links because most startup founders, senior executives of MNCs, and businessmen prefer to live here because of the unrivaled amenities and ecosystem," said Amit Goyal, managing director of India Sotheby's International Realty.

DLF offers these flats in an incomplete form for Rs 85 crore for a 10,000-square-foot unit.

However, owners who have invested in interior renovations are now requesting more than Rs100 crore for flats of comparable size, cementing the property's standing as one of the most expensive condominiums in the country, according to ET.

The significant increase in luxury real estate costs in Gurgaon and affluent areas of Delhi has pushed up the prices of high-end apartments in the southwestern suburbs and mansions in the Lutyens zone, which now compete with rates seen in Mumbai's prestigious neighborhoods, where the cost per square foot has surpassed Rs 1 lakh.

Real estate professionals in the National Capital Region (NCR), which includes Delhi and nearby places such as Noida and Gurgaon, are drawing comparisons between the Camellias and Delhi's famed Lutyens zone.

Earlier this month, according to a joint analysis by Knight Frank and the National Real Estate Development Council (Naredeco), India's real estate market is predicted to grow to $5.8 trillion by 2047, contributing 15.5% to GDP, up from 7.3%.

According to the research 'India Real Estate: Vision 2047,' the residential segment will dominate the real estate market. "By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to range between $33-40 trillion," the authors of the paper said.