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. India's largest realty firm informed about the successful launch of its latest luxury residential project 'DLF Privana West', "achieving a remarkable sellout valued at approximately Rs 5,590 crores, within 3 days."
The new project, which is spread over 12.57 acres and comprises 795 apartments, had an average selling price of around Rs 7 crore per apartment, according to the news agency PTI report. In January this year, the company 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 acres.
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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 and 1,600 customers, almost double the total units offered in this new project, reflecting high demand for ultra-luxury homes.
Non-resident Indians (NRIs) accounted for around 27% of the total 795 units. NRIs have been investing heavily in premium housing projects in Gurugram to earn decent rental income and capital appreciation.
Commenting on the development, Aakash Ohri, Joint Managing Director and Chief Business Officer of 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 portion of apartments in this new project. "Our aspiration 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 Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 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.
India's housing market across the top seven major cities has been performing very well post-COVID pandemic, driven by pent-up demand and rising aspirations for homeownership. Consumer demand is shifting towards developers with a good track record of executing real estate projects on time.