Press Trust of India
India’s largest realty firm DLF has sold all 795 apartments for Rs.5,590 crore within three days of the launch of its new luxury housing project in Gurugram, driven by strong demand from consumers including NRIs.
In a regulatory filling on Thursday, the company informed about the successful launch of its latest luxury residential project ‘DLF Privana West’, achieving a remarkable sellout valued at approximately Rs. 5,590 crore, within three days. “The new project is spread over 12.57 acre compromising 795 apartments. The average selling price was around Rs.7 crore per apartment.”
In January this year, the company has sold 1,113 luxury apartments in Gurugram for Rs.7,200 crore within three days of the launch of its project ‘DLF Privana South’, which is spread over 25-acre.
Both ‘DLF Privana West’ and ‘DLF Privana South’ are part of its 116-acre township ‘DLF Privana’ located in Sector 76 and 77 at Gurugram in Haryana.
According to sources, DLF received Expression of Interests (EOIs) from around 1,550 and1,600 customers, almost double of total units being offered in this new project, reflecting high demand for ultra-luxury homes.
Non-residents Indians (NRIs) lapped up around 27 percent of the total 795 units. NRIs have been investing a lot in premium housing projects in Gurugram to earn decent rental income, besides capital appreciation.
Commenting on the development, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, said, “After the overwhelming success of DLF Privana’s inaugural project DLF Privana South, ‘DLF Privana West’ emerges as the next chapter in this story, meticulously designed to cater to discerning homebuyers aspirations for spacious luxurious abodes within a vibrant, well-connected community.” He said NRIs have bought a substantial portions of apartments in this new project.
“Our aspirations with DLF Privana and its associated projects is to emulate the success of DLF Phase 5, by curating an integrated ecosystem of luxury residences amidst abundant greenery, fulfilling the most coveted lifestyle requisites.” In March last year, DLF sold, 1,137 luxury apartments, priced at Rs. 7 crore and above, in its housing project in Gurugram for over Rs.8,000 crore within three days.
Gurugram housing market has witnessed a significant growth in demand for residential properties, leading to a sharp rise in prices. The demand has sustained so far despite the hefty price appreciation.
Overall also, India’s housing market across the top seven major cities has been performing very well post Covid pandemic on pent-up demand and rising aspirations for homeownership.
