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Real estate major DLF Ltd is expected to launch the country’s most expensive uber luxury real estate project comprising more than 400 super luxury apartments in Gurugram with the starting price expected to be around ₹80 crore, sources in the know told HT.com
Once the project is launched, the residential stretch along Golf Course Road in Gurugram, currently known as North India billionaires’ row, is expected to compete with not only ultra luxury properties in Mumbai’s Altamount Road and Delhi’s Lutyens area, that are primarily private residences, but also with New York’s billionaires’ street located in the southern edge of Central Park, said real estate experts.
To be known as The Dahlias, the project is expected to be located on the Golf Course Road in Gurugram and is likely to be spread across an area of more than 17 acres. It is expected to include more than 400 ultra luxury apartments with prices starting at ₹80,000 per sq ft, people in the know said.
“The size of the ultra-luxury apartments are expected to start from 9,500 sq. ft. and go all the way up to 16,000 sq ft, with an average size of 11,000 sq ft. Prices will start at ₹80,000 per sq ft. with an average ticket price of roughly ₹100 crore,” said Samir Jasuja, founder and CEO of PropEquity, a NSE-listed firm, adding all the units are expected to be bare shell.
‘The launch price of these bare shell units is expected to be around ₹80 crore and by the time these are delivered and finished by the buyer, the price would be more than ₹100 crore,” he said.
The clubhouse is likely to be spread across an area of approximately 2,00,000 sq ft which is almost twice the size of Camellias, he said..
Queries sent to DLF did not elicit a response till press time. The story will be updated once a response is received.
In May this year, DLF had said that it plans to take the Camellias’ super luxury story to the next level in Gurugram. Having built on the Camellias story in Gurugram, “We are now ready to forge ahead with Lux5 in Q3, 2024 and the price points are expected to be reasonably higher, much higher than Magnolias which is currently trading around ₹40 crore. The Lux 5 project is also expected to be more luxurious than Camellias. It will be a ‘Only by Invitation’ product,” the company had said.
Also Read: ‘Gurugram accounts for 55% of housing launches in NCR’
The project will have about 420 apartments, it had said.
The company had said that having given Gurugram two golf courses, the USP of Lux5 is expected to be an artificial lake. “The super luxury apartments will overlook a lake park. The design of the project will be similar to super luxury projects in the US and Europe with cafes and walkways, being an integral part of the project,” it had said.
Project sale value and other details
Jasuja said that the sales value of the upcoming ultra luxury project is expected to be around ₹34,000 crore, which is almost 2.5 times the value of Camellias and any other project in India.
The sales value of DLF’s The Dahlias is equivalent to the total sales value of Three Sixty West by Oberoi Realty in Mumbai, DLF Camellias in Gurugram and Naman Xana in Mumbai. The starting size of the apartment is 9500 sq. ft, he said.
How will the project compare with Lutyens Delhi bungalows once it is launched?
The sizes of these apartments are expected to start at 9500 sq ft and go up to 16000 sq ft. In premium locations in Delhi such as Jor Bagh, Sunder Nagar, Golf Links the total size may not exceed 3000 to 6000 sq ft as Lutyens Bungalow Zone norms are applicable in some areas. Considering that the launch price is expected to be around ₹80,000 per sq ft, the total price of the ultra luxury unit may be compared with that of prices prevailing in Lutyens Delhi if not more, explains Jasuja.
Who will buy these ultra luxury apartments?
Ultra HNI buyers. A few apartments are likely to be picked up by buyers of Camellias, Magnolias and Aralias. It is interesting to note that a few buyers own apartments in all the three ultra luxury apartments launched by the company earlier. That’s primarily due to the high return on investment that an investor has received all along. The average rent in Camellias for a 11000 sq ft apartment is close to around ₹18 lakh per month. “The rental of these properties is even higher than A Grade commercial projects in Gurugram,” said Jasuja.
How will the project change the dynamics of the Gurugram market?
Delhi and Mumbai are considered to be the most expensive cities in the world. Gurugram has now overtaken Delhi and Mumbai in terms of price points and luxury offerings. It is now the luxury capital of India.
An earlier report by PropEquity has shown that maximum housing units priced above ₹5 crore have been launched in Gurugram in 2023, followed by Hyderabad and Mumbai. The analysis showed that as many as 6332 new housing units were launched in Gurugram. These were worth ₹47,490 crore. In Hyderabad, 4376 units were launched and were worth 32,820 crore. In Mumbai 4338 housing units were launched worth ₹32,535 crore while in New Delhi, 1042 housing units were launched and were worth ₹7815 crore.
Will more investors buy into the DLF project once it is launched?
Investors in this project may not be more than 10%. This depends on how you define investors, said Jasuja.
A resident of Camellias may decide to move into this project once it is ready in four years and rent out Camellias. “He will then become an end user for this project and investor for the project where he is currently residing in,” points out Jasuja.
Also Read: Delhi-NCR’s real estate market: Here’s why rich Indians are lapping up luxury properties
What about maintenance?
Maintenance for super luxury projects is anywhere between ₹6 to ₹8 per sq ft which means that the monthly cost would be anywhere close to ₹60,000. This is almost half the amount charged as maintenance in Mumbai. Buyers of such apartments have to pay an additional club charges fees plus the amount as per usage and consumption, added Jasuja.
