Delhi-NCR Real Estate Deal: The Delhi-NCR region is witnessing an unprecedented surge in its luxury real estate market, exemplified by the recent sale of a sprawling 10,000 sq ft apartment at The Camellias by DLF on Gurgaon's prestigious Golf Course Road. According to documents accessed by CRE Matrix, the property exchanged hands for a staggering ₹95 crore, marking yet another milestone in the region's opulent housing landscape.
The seller, identified as a Singapore-based NRI, finalized the sale with Smiti Agarwal, the esteemed wife of Hemant Agarwal, CMD at V Bazaar Retail Pvt Ltd, where she holds the position of director at Wesbok Lifestyle Pvt Ltd. The transaction also reflects a significant stamp duty payment of ₹4.75 crore, as indicated in the document, with the sale deed officially registered in January.
Spanning an impressive 10,813 sq ft, the apartment boasts five exclusive car parking spaces, adding to its allure and extravagance. Despite the substantial nature of the deal, Hemant Agarwal opted to remain tight-lipped about the specifics.
This transaction follows a similar trend from the previous year, where an 11,000 sq ft apartment within the same DLF complex commanded a hefty ₹114 crore. Originally introduced as bare shell luxury housing units in 2014, The Camellias by DLF set a precedent with its initial offering of ₹22,500 per sq ft.
Delhi-NCR Real Estate Deal
Real estate experts active in Gurugram note that such transactions are gradually bridging the price gap between properties in Delhi and Gurugram. Many affluent buyers from South and Central Delhi, seeking a lifestyle upgrade, have transitioned to luxury apartments in Gurugram after divesting their bungalows in the capital.
Amit Goyal, Managing Director of India Sotheby’s International Realty, attributes this trend to the allure of DLF Phase 5 in Gurugram, particularly for startup founders, senior executives of MNCs, and businessmen with operations in and around Gurugram. The esteemed golf course and unparalleled amenities offered by DLF have cemented its status as a premier destination, commanding prices on par with prime areas of Delhi and Mumbai.
The demand for ultra-luxury residences continues to soar, with high net worth individuals viewing these properties as lucrative investments or personal sanctuaries. A recent report by Anarock reveals that 58 ultra-luxury homes priced above ₹40 crore were sold across seven major cities until November 2023, amounting to a staggering ₹4,063 crore in total sales value. Mumbai emerged as the frontrunner, accounting for 53 of these extravagant transactions.
Delhi-NCR witnessed four notable deals, including two ultra-luxury homes in Gurugram and two bungalows in Delhi. Notably, 12 transactions in 2023 surpassed the ₹100 crore mark, with Mumbai dominating the landscape with 10 such deals, while Delhi-NCR secured two coveted spots, underscoring the region's prominence in the luxury real estate sphere.
In essence, the saga of Delhi-NCR's real estate market, epitomized by the monumental sale of the DLF apartment in Gurgaon, underscores the region's ascent as a beacon of luxury and opulence, captivating discerning buyers and redefining the contours of luxury living.
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