Why are netizens comparing Gurugram’s property market with that of Dubai?

Kukreja’s post revealed that the smallest unit in the project – The Dahlias on Golf Course Road in Gurugram – measuring about 9,500 square feet in size is expected to be sold at ₹80,000 per square feet.

“This means that there is now a building in Gurgaon where the cheapest home costs ~ ₹75Cr ($9m),” he elaborated.

According to Kukreja, the project will have a total of 400 units, which are expected to sell for ₹34,000 crore collectively.

Also Read: DLF’s new project in Gurugram to have apartments priced at ₹80 crore

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.

Dubai versus Gurugram

Reacting to the post, one of the X users said: “This is 5-10 times cheaper in Dubai fml.” To this, another user commented, “Yup, at around a quarter of this tag, found multiple places just as luxurious.”

A simple online search for properties in some of the most prime locations in Dubai shows a plethora of options across multiple configurations under the range of ₹75 crore.

Also Read: Gurgaon’s luxury apartments priced at ₹75 crore leave the internet in disbelief: ‘Better to buy apartment in Dubai’

Some localities within Dubai popular amongst global property buyers include Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands and Emirates Hills. Areas like Dubai Marina, Downtown Dubai, and the emerging District 2020 are also known for their luxury and ultra-luxury branded residences.

Dubai property prices

According to data sourced from property consultancy JLL, the approximate per square feet property price in Jumeirah Golf Estate and Arabian Ranches presently range between ₹41,196 – 45,774. In Dubai Hills it stands at ₹36,619 – 45,774 per square feet.

In the upscale localities of Emirates Hill and Palm Jumeirah prices per square feet vary between ₹57,217 – 68,661 and ₹1,02,991 – 1,19,012, respectively.

Overall, the average home price in Dubai is about $760,000 ( ₹63.88 crore), per JLL. The real estate cost however depends on the property’s location, the construction stage, the living area, the finish quality, as well as the facilities of the residential complex, the consultant said.

The process of purchasing real estate Dubai is not too complicated, pointed out Ritesh Mehta, Senior Director, and Head (North and West), residential services and developer initiative, JLL India. “Interested buyers only need a passport copy to start the purchase. This simplicity makes Dubai an attractive option for investors who want to enter the market with ease,” he said.

Furthermore, owning property in Dubai can lead to eligibility for the Golden Visa, if the total value of the property/properties is 2 million dirhams (about ₹5 crore) or more.

Dubai also offers a tax-free environment on personal income and capital gains, which is highly attractive to Indian investors accustomed to higher tax rates.

“Cheaper to buy housing abroad,” netizens say

Kukreja’s post initiated a discussion on property prices in Gurugram, India’s larger real estate sector and how it compares with markets around the world.

“Our real estate is out of control. Something needs to change. Pound for pound, It’s cheaper to buy housing abroad than in India,” one of the users wrote.

Also Read: After Dubai, Danube Properties plans to foray into Abu Dhabi and Ras Al-Khaimah real estate markets

“You can get sea facing view in Italy (at) the same price with much better facilities,” a second user commented.

A third said: “For 1.2m you could get an apartment in Manhattan near Times Square.”

“I will invest half of that in (the) UK and get citizenship,” yet another user quipped.