In a groundbreaking real estate transaction, a sprawling 10,000 square feet apartment situated in the upscale The Camellias by DLF on Golf Course Road, Gurgaon, has exchanged hands for a staggering ₹95 crore, as revealed by documents accessed by CRE Matrix.
The seller, identified as a Singapore-based NRI, finalized the sale to Smiti Agarwal, the wife of Hemant Agarwal, CMD at V Bazaar Retail Pvt Ltd, with Smiti Agarwal holding directorship at Wesbok Lifestyle Pvt Ltd. Stamp duty documentation indicates a significant ₹4.75 crore paid by the buyer. The sale deed, dated January, confirms the completion of the transaction.
The luxurious apartment, spanning over 10,813 square feet and offering five car parking spaces, adds to the allure of The Camellias, known for its exclusivity and opulence. Notably, Hemant Agarwal refrained from commenting on the deal.
This sale follows a trend of remarkable real estate transactions in the Delhi-NCR region, with a similar apartment in the same complex fetching ₹114 crore last year, underlining the region's burgeoning luxury housing market.
Real estate analysts active in Gurugram observe that this deal has significantly narrowed the price differential between properties in Delhi and Gurugram. The Camellias, initially sold by DLF as bare-shell luxury units in 2014 at a rate of ₹22,500 per square foot, has seen substantial appreciation over the years.
Commenting on the trend, Amit Goyal, Managing Director of India Sotheby’s International Realty, highlights DLF Phase 5, Gurugram, as a preferred choice for affluent individuals, including startup founders, senior executives of MNCs, and businessmen. The area's world-class amenities, coupled with its strategic location, have propelled it to compete with prime areas of Delhi and Mumbai in terms of per-square-foot pricing.
This transaction underscores the sustained demand for ultra-luxury properties, with high-net-worth individuals viewing them as lucrative investments or upscale lifestyle upgrades. A recent report by Anarock reveals a significant surge in the sale of ultra-luxury homes priced above ₹40 crore across major cities, with Mumbai leading the pack.
Furthermore, Delhi-NCR's real estate landscape witnessed several notable deals in 2023, with a total of 12 transactions exceeding ₹100 crore each, indicating robust investor confidence in the region's luxury property market.
As demand for such premium properties continues to soar, experts anticipate further price impacts, especially in sectors served by the burgeoning Gurugram Metro, signaling exciting times ahead for the region's real estate sector
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