The CEO of MakeMyTrip and the CHRO of Genpact both purchased a Rs 33 crore flat in Gurgaon

By Bricksnwall | 2023-12-22

Rajesh Magow and Piyush Mehta both got 6,500 sq ft residences at DLF's The Magnolias on Golf Course Road, demonstrating the strong demand for luxury real estate.

According to The Economic Times (ET), MakeMyTrip CEO Rajesh Magow and Genpact CHRO Piyush Mehta each invested around Rs 33 crore in separate transactions to acquire 6,500 sq ft residences at The Magnolias, Gurgaon. The luxury real estate market in the National Capital Region (NCR) has skyrocketed, with comparable-sized apartments selling for Rs 19 crore just last year.

According to documents obtained through CRE Matrix and cited by ET, Magow's flat cost Rs 33 crore, while Mehta's cost around Rs 32.6 crore. The recent Rs 100 crore deal for a 10,000 sq ft flat at The Camellias by DLF demonstrates the rising demand for such properties.

Both apartments secured by Magow and Mehta have seen significant price increases. Golf Links projects?the Aralias, Magnolias, and Camellias - have become some of the most sought-after addresses in the NCR, with high-profile individuals, CEOs, startup founders, and business owners preferring these houses.

DLF's The Camellias project is worth Rs 12,000 crore in total, with just 429 apartments available for purchase. Despite the epidemic, DLF's sales increased, exceeding the number of Camellias units sold in the preceding two years. The Golf Links apartments on Golf Course Road, which are part of DLF5, also command some of the highest rentals in the country's luxury and super-luxury segments.

Regional expatriate residents, businesses, CXOs headquartered in Delhi NCR, and prospective purchasers aiming to migrate from bungalows to high-rise condominiums have increased demand for rentals in this area.

According to industry insiders, premium real estate prices in Gurgaon and Delhi's top regions now compete with those in Mumbai's famous neighborhoods. 

The price increase has taken high-end flats in Gurgaon and Lutyens Zone bungalows to a similar level, prompting parallels between The Camellias and Delhi's respected Lutyens Zone.