How hot the property market is in the country can be gauged from the recent sale of DLF. The country’s largest real estate developer DLF has sold all the luxury apartments worth about $ 865 million (about Rs 7,300 crore) in Gurugram before starting construction. According to Bloomberg report, DLF sold 1,113 luxury homes in just 3 days. One fourth of these plots have been purchased by NRIs.
Project spread over 116 acres
All four-bedroom and penthouse units in seven towers of DLF Privana South project were sold, the developer said in an exchange filing. This project is spread over 116 acres of land in Gurugram. It has offices of many multinational companies including Google and American Express.
The demand for expensive houses is increasing in the country. With increasing income of people, people’s inclination towards expensive houses along with luxury cars has increased. In view of the ever-increasing demand for premium apartments, builders are considering launching new projects in major cities like Delhi, Mumbai, Bengaluru and Hyderabad.
Last year also DLF did bumper sale
DLF has been successful in selling the apartments despite the steps taken to reduce bulk bookings. The allotment was limited to one unit per buyer and the booking amount was five times the industry standard. Similarly, last year DLF had sold more than 1100 apartments worth about $1 billion in just three days.
Another top developer Godrej Properties Limited has also sold luxury homes worth more than $500 million near Delhi. The company also announced plans to develop more projects.