Few launches in the luxury housing segment and the fear of missing out on the most desirable properties is making these units fly off the shelf in Delhi-NCR
Delhi-NCR saw two listed real estate developers launch luxury projects in the range of ₹7 crore to ₹12 crore recently which the realtors said had been lapped up in a matter of a few days. Demand for luxury and ultra luxury homes among wealthy Indians has gone up and this, say real estate experts, is primarily on account of few launches in the luxury housing segment and the fear of missing out (FOMO) on the most desirable properties in town.
There is less supply chasing high demand for luxury properties, especially in markets such as Gurgaon and Delhi. Rich investors in Delhi, who would earlier buy into bungalows, are now preferring housing communities with modern amenities, especially dedicated parking space that is a major challenge, say real estate experts.
Real estate major DLF said last week that it had sold more than 1000 luxury housing units that are part of its latest offering Privana South in Gurugram, for ₹7200 crore, within three days of pre-launch. The enclave will comprise 1,113 luxury residences across seven towers. These would be 4 BHK apartments and penthouses. ‘DLF Privana South’ will be part of a larger development, DLF Privana spread over approximately 116 acres in Sectors 76 and 77
Listed real estate company TARC Ltd also announced last week that it has plans to invest close to ₹1200 crore to develop a luxury housing project comprising more than 400 units in Central Delhi. The project TARC Kailasa is a 1.7 million sq ft development spread across 6 acres of land located on Patel Road, in Kirti Nagar. The project will have five high-rise towers of 35 floors each and will be designed by Andy Fisher Workshop, a Singapore-based architectural firm. Arabian Construction Company is the construction contractor.
Read Full Hindustantimes Article: Delhi-NCR’s real estate market: Here’s why rich Indians are lapping up luxury properties
