Delhi family spends ₹380cr on flats to create mega home
What's the story
In a record-breaking deal, a Delhi-based business family has bought four luxury apartments in an under-construction super-luxury tower of DLF's "The Dahlias" project in Gurugram. The deal, worth ₹380 crore, is the most expensive transaction for an under-construction high-rise in the National Capital Region (NCR). The family plans to combine these four units into one massive home by demolishing a common wall between two adjoining towers.
Residential expansion
Family considered farmhouse, Lutyens property before opting for 'Dahlias'
The transformation will result in a massive 35,000 sq. ft. home spread over two floors. The mega-apartment will have two access-controlled elevators for easy access. Kshitij Jain of Rizin Advisory, who advised on the deal, said that the family's third generation had initially considered a farmhouse or a property in Lutyens's Delhi with a budget of ₹300-500 crore. However, he suggested 'The Dahlias' project as it best suited their requirements.
Project details
'The Dahlias' project is worth over ₹42,000cr
Samir Jasuja, founder-CEO of real estate analytics firm Propequity, said that 'The Dahlias' is India's most valuable project by value, worth over ₹42,000 crore for just 420 apartments. Once the interior work and registration are done, the total cost for this four-apartment complex will exceed ₹500 crore. The project is expected to be completed in three-and-a-half years.
Market impact
Deal sets new benchmark in luxury real estate
This deal has set a new benchmark for luxury real estate. The previous record for a high-rise condominium in the NCR was set last December with the ₹190 crore sale of a penthouse in DLF's 'The Camellias.' After factoring in a 35% loading factor, the new purchase offers an approximate carpet area of 22,750 square feet at about ₹1.7 lakh per sq. ft.
Market growth
Record demand for luxury homes in Delhi-NCR
This record-breaking purchase highlights the growing demand for ultra-luxury homes in Delhi-NCR. Data from real estate consultancy JLL shows that Delhi-NCR accounted for a whopping 64% of all luxury residential launches in India's top seven cities in H1 2024. A total of 59 ultra-luxury homes worth ₹4,754 crore were sold across the country this year, indicating strong demand at the very top end of the property sector.