NEW DELHI : India's DLF sold a $1 billion upmarket residential project in 72 hours while rival Godrej Properties is offering $3 million apartments to clients selected by invitation, two off-plan sales that are signalling a revival in luxury housing.Property developers say spacey high-price apartments that
NEW DELHI : India's DLF sold a $1 billion upmarket residential project in 72 hours while rival Godrej Properties is offering $3 million apartments to clients selected by invitation, two off-plan sales that are signalling a revival in luxury housing.
DLF's Arbour project in Gurugram near New Delhi attracted more than 3,000 applications for 1,137 apartments priced at $869,000 each, extremely high prices for the area. The booking centre was besieged by people queuing to buy homes during the project launch weekend in February. "Having a green, open, clean space with restricted access is of supreme importance. You don't want to run on the road. From a lifestyle standpoint that is paramount," he said.
In all, a record 65,700 luxury units were sold in 2022, three times the previous year, with Mumbai, New Delhi and Hyderabad leading sales. In 2019, before the pandemic, 18,150 units were sold. "We are seeing more desire for larger spaces, lifestyle upgrade from founders of listed firms, startups, lawyers. We are getting more calls and as the available inventory is low, luxury properties are being sold quickly nowadays," said Amit Goyal, India CEO at Sotheby's International Realty.
Mercedes sold a record number of high-end cars in India last year and luxury goods are in high demand too. Knight Frank data for 2022 shows 53 per cent of ultra-wealthy individuals splurged on both luxury watches and handbags, compared with an average 41 per cent and 9 per cent in 2020, respectively.
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