India’s biggest real estate developer has sold out all the luxury apartments proposed in a 72 billion rupee ($865 million) project near the capital New Delhi, even before construction began.
DLF Ltd. sold 1,113 luxury residences Gurugram In just three days, a quarter were bought by NRIs. All four-bedroom and penthouse units in the seven towers of the DLF Privana South project were sold out, the developer said in an exchange filing. This apartment complex is spread over 116 acres in Satellite City, which also houses multinational companies Google And American Express.
DLF shares have more than doubled in the past year, hitting the highest level since 2008, outpacing the 18% rise in the benchmark BSE Sensex index.
Expensive apartments are on sale in India, with rising income levels in one of the world’s fastest-growing major economies leading to well-earned extravagance on everything from luxury cars to expensive homes. The insatiable demand for premium apartments has prompted builders to launch more such projects in major cities like Delhi, Mumbai, Bengaluru and Hyderabad.
The luxury boom will last for the next few years, he said Ghulam JiyaSenior Executive Director of Real Estate Brokers and Consultants knight frank, “It is not only the top end of the pyramid, but also the upper middle class that is buying these projects.”
DLF managed to sell out the apartments rapidly despite measures to discourage bulk booking, including limiting the allotment to one unit for each buyer and increasing the booking amount to five times the industry standard.
Last year, DLF had similarly sold over 1,100 apartments worth nearly $1 billion in just three days. Another top developer, Godrej Properties Ltd., also sold more than $500 million of luxury homes in projects near the capital, and announced plans to develop more.
DLF Ltd. sold 1,113 luxury residences Gurugram In just three days, a quarter were bought by NRIs. All four-bedroom and penthouse units in the seven towers of the DLF Privana South project were sold out, the developer said in an exchange filing. This apartment complex is spread over 116 acres in Satellite City, which also houses multinational companies Google And American Express.
DLF shares have more than doubled in the past year, hitting the highest level since 2008, outpacing the 18% rise in the benchmark BSE Sensex index.
Expensive apartments are on sale in India, with rising income levels in one of the world’s fastest-growing major economies leading to well-earned extravagance on everything from luxury cars to expensive homes. The insatiable demand for premium apartments has prompted builders to launch more such projects in major cities like Delhi, Mumbai, Bengaluru and Hyderabad.
The luxury boom will last for the next few years, he said Ghulam JiyaSenior Executive Director of Real Estate Brokers and Consultants knight frank, “It is not only the top end of the pyramid, but also the upper middle class that is buying these projects.”
DLF managed to sell out the apartments rapidly despite measures to discourage bulk booking, including limiting the allotment to one unit for each buyer and increasing the booking amount to five times the industry standard.
Last year, DLF had similarly sold over 1,100 apartments worth nearly $1 billion in just three days. Another top developer, Godrej Properties Ltd., also sold more than $500 million of luxury homes in projects near the capital, and announced plans to develop more.
