Gurgaon’s upscale real estate market has witnessed a significant milestone as an 11,000 square foot apartment at The Camellias by DLF on Golf Course Road was sold for more than Rs 100 crore in a resale transaction. This high-value deal has garnered attention due to its remarkable price point, which places it on par with luxury bungalows in New Delhi’s affluent neighborhoods and several premium sea-facing properties in Mumbai. However, it’s crucial to note that this deal is an exception within the Gurgaon micro-market, specifically within the confines of The Camellias project.
Real estate experts point out that similar units by other developers in Gurgaon, especially those not facing the golf course, may command only one-third of the price achieved in this particular transaction. Nevertheless, this sale narrows the pricing gap between Gurgaon’s emerging real estate market and the more established micro-markets in the National Capital Region.
The luxury apartments in The Camellias were initially sold as bare-shell units in 2014 at a rate of Rs 22,500 per square foot. The recent transaction, sources suggest, exceeded Rs 114 crore, with the unit originally purchased for about Rs 45 crore a few years ago. The significant appreciation is attributed to factors such as the prime location, a well-regarded builder’s unmatched product, and the fact that the new owner received a ready-to-move-in apartment without the need for extensive interior work.
The preference for bare-shell apartments among luxury homebuyers is noteworthy, as it allows them to personalize their living spaces. While about 95 percent of Mumbai’s luxury market is bare-shell, Delhi has historically favored builder-finished units. However, with more uber luxury projects emerging in the National Capital Region, the balance may shift towards more buyers opting for bare-shell units and customizing them to their preferences.
The high pricing benchmark set by this transaction has a positive impact on the entire real estate market, reflecting the strong demand for luxury properties and the overall health of the economy.
Although fully finished 11,000 square foot apartments are relatively scarce, it’s essential to recognize that the price parity with upscale bungalows in Delhi’s premium neighborhoods is specific to this project and developer, rather than representative of the broader market.
Real estate brokers note that the price differential between Gurgaon and Delhi has been narrowing over the years. In 2003, Delhi’s land prices were significantly higher, but today, some properties in Delhi are trading at Rs 5 lakh per square yard compared to Rs 3 lakh per square yard in Gurgaon. Nevertheless, Delhi offers an added advantage of owning the land, which provides flexibility for additional construction.
Buyers of luxury apartments on Gurgaon’s Golf Course Road often hail from South Delhi, Central Delhi, and various parts of India, with many choosing to sell ancestral properties to embrace the lifestyle offered by luxury condos in Gurgaon.
This evolving real estate landscape indicates that customers’ preferences and requirements play a crucial role in determining their choice of residence. Whether one opts for a luxury apartment in Gurgaon or an expansive property in Delhi’s Lutyens zone, the decision hinges on factors such as space, location, and amenities.
In Delhi’s poshest areas, including Sundar Nagar, Kautilya Marg, Malcha Marg, Golf Links, and the Lutyens Bungalow Zone (LBZ), property values continue to rise. The LBZ, a designated heritage zone, imposes strict regulations on construction, limiting space but maintaining exclusivity.
As luxury real estate transactions continue to make headlines, it’s clear that the market for upscale properties remains robust, driven by demand, exclusive amenities, and desirable neighborhoods. The narrowing price gap between Gurgaon and Delhi reflects the evolving preferences of luxury homebuyers, emphasizing the importance of location and lifestyle.
Notable recent transactions in Delhi’s luxury real estate market include Vasudha Rohatgi’s purchase of a bungalow in Golf Links, Rategain founder Bhanu Chopra’s acquisition in the same area, and Aakash Chaudhry’s purchase of a bungalow in Kautilya Marg, Diplomatic Enclave. In 2021, JC Chaudhry, founder of Aakash Educational Services, made significant property acquisitions in Vasant Vihar and south Bijwasan.