NEW DELHI: The post-Covid real estate boom may soon see the creation of India’s most expensive ever ultra-luxury high-rise apartment in terms of carpet area.Major developer DLF is set to launch Camellia II, directly opposite the existing Camellia in Gurgaon, with entry-level apartments likely to start at Rs 60 crore for 10,000 sq ft.
According to sources, prices at Camelias II are likely to range between Rs 60,000-70,000 per sq ft for the super area, while the carpet area is likely to be higher than Camelias’ current rate of around Rs 17 lakh per sq ft.
If these predictions prove correct, Camelias II could become a new benchmark in India’s luxury real estate market. The existing Camelias, which caters to top CEOs and wealthy individuals based in the Delhi National Capital Region, was launched a decade ago at Rs 22,500 per square foot (super area price) and is currently one of the most expensive condominiums in India.
Historically, the most posh areas of Mumbai and Delhi have seen the highest property prices, exceeding Rs 100,000 per sq ft. Gurgaon, currently India’s fastest growing luxury real estate market, has entered the club with Camellia, with its largest apartments reportedly selling for over Rs 100 crore in recent times.
Amit Goyal, CEO of India Sotheby’s International Realty, acknowledges that some parts of Mumbai, Delhi and Gurgaon are the only areas where prices are above Rs 100,000 per square foot. “We have sold apartments in Joorbagh and Malcha Marg (not high rise) in Delhi for Rs 250 million to Rs 300 million at prices of Rs 120,000 to Rs 130,000 per square foot. In Mumbai, prices in the prime Sobo area are Rs 120,000 to Rs 140,000 per square foot,” Goyal said.
Sunil Jasuja, founder and CEO of real estate data analytics firm Propequity, offers an interesting insight: “In Delhi, property prices are determined by the super area. In Mumbai, it is determined by the carpet area. So, if you compare by carpet area, Camellias is currently the most expensive condominium in India.” Carpet area, as the name suggests, is the area where residents can lay carpet, while super area proportionately includes the common areas of the building such as clubs.
Aakash Ohri, joint MD and chief operating officer of DLF Home Developers Ltd, would not comment on projects that are yet to be announced but told TOI on Friday that demand for “bigger and better” homes has surged post-Covid and remains strong. He said DLF has sold 2,500 units across three projects in Gurgaon for a total of Rs 22,000 crore in the 15 months from March 2023. “All these projects were sold out within a few days, between three days and a week, like Apple smartphones,” he said.
According to Propequity, India’s luxury real estate market is set to grow 250 per cent from a Rs 39,000 crore market in 2018 to Rs 1.39 lakh by 2023. “While the equity market has grown the fastest during this period, luxury real estate has seen the highest appreciation of any asset class during this period. Luxury properties have fallen 3-4 per cent of the overall real estate market, while ultra-luxury properties have fallen less than 0.004 per cent at Rs 14,000 crore per annum,” Jasja said.
“The pandemic made people feel trapped and post-COVID, moving to bigger homes has become a priority. We are now seeing more homebuyers in their 30s and 40s. The demand is for aspirational homes and buyers are demanding better terms from developers. Around 25% of our sales are from NRIs,” said DLF’s Ohri.
Demand is spreading across the country. DLF has launched luxury villas in Goa starting at Rs 6 crore. According to Propequity, Gurgaon is the largest market for luxury and ultra-luxury real estate, followed by Hyderabad, Mumbai, Delhi, Navi Mumbai, Noida, Bangalore, Pune and Chennai.
