India’s Rising Demand for Ultra-Luxury Homes
DLF, India’s largest real estate developer, announced on Monday that its $4 billion project near New Delhi will take over four years to complete. This landmark project has already drawn significant interest, with 173 of the 420 units sold at an average price of $8 million each. Notably, 12% of the buyers are non-resident Indians (NRIs), who are investing in some of India’s priciest real estate.
The demand reflects the growing wealth of India’s elite, who are also driving sales of high-end cars, luxury watches, and designer interiors. This surge comes as a stark contrast to the economic reality of millions of Indians reliant on government food aid.
DLF’s $4 Billion Project Details and Early Success
DLF’s $4 billion project offers apartments priced at $742 per square foot, placing it among the world’s most exclusive properties. While slightly below the $817 per square foot average price of apartments in Dubai’s Burj Khalifa, it underscores India’s emerging ultra-luxury real estate market. Buyers will receive bare-shell apartments, allowing them to design the interiors to their personal tastes.
The first phase of the project, described by DLF’s Chief Business Officer Aakash Ohri, will include a “lake park” featuring cascading lakes, cinemas, indoor sports facilities, and even on-call chefs. These amenities aim to meet the expectations of NRIs accustomed to luxurious lifestyles abroad.
Booming Luxury Housing Market in India
The rising demand for ultra-luxury homes in India is evident, with sales of properties priced above $4.6 million increasing by 17% in 2024, according to Anarock Property Consultants. Early demand for DLF’s new project contributed significantly to its record-breaking sales bookings of $2.2 billion between April and December, exceeding the company’s fiscal-year forecast of $2 billion.
Ohri remarked that the luxury market is just beginning to flourish in India, with Delhi leading the way and Mumbai emerging as another promising hub for high-end developments. He emphasised that NRIs want homes in India that match the standards of their global residences, further boosting demand for luxury projects like this one.
With inputs from Reuters
