NEW DELHI - India's DLF sold a $1 billion (S$1,3 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 come with add-ons like concierge services, spas, multi-level parking, large green...
Sales representatives stand outside their kiosks inside a luxury residential project by Indian property developer DLF in Gurugram, India, on Feb 28, 2023.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 Mumbai, Sugee Developers last week published front-page advertisements offering sea-view residences starting at $1.7 million in a development that will have an amphitheatre, landscape gardens and a sky deck lobby. Sotheby's, whose most expensive India property listing currently is a $20 million bungalow in New Delhi, says 61 per cent of surveyed high-net-worth Indians plan to buy luxury real estate this year, slightly lower than 67 per cent last year.India's 1.4 billion people have a per capita income of just $2,300, but the country has more than 800,000 dollar millionaires. Knight Frank estimates India will have 1.4 million millionaires by 2026, 77 per cent higher than in 2021.
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