Developers say spacey high-price apartments that come with add-ons like concierge services are in demand. Many want to upgrade their homes after COVID-19 confined them indoors. And demand for larger houses is supported by rising incomes & India's growing number of nouveau riche
In February, a photo of DLF Arbour project booking site went viral. The project in Gurugram near New Delhi attracted more than 3,000 applications for 1,137 apartments priced at $869,000 each. Booking centre was besieged by people queuing to buy homes during the launch weekend
Reuters visited the project site later. On a recent Sunday afternoon, buyers & brokers finalised paperwork as waiters served meals that included quesadillas, pastries & Indian curries - unusual scenes in a market where most homes are sold in no-frills offices. With @aditishahsays
One DLF sales executive said "we are saying sorry" to those who are coming now. No flats are left. "I haven't seen such a mad rush in a decade," said Prashant Thakur, head of research at real estate consultant Anarock.
One broker told us DLF accepted 7 of 40 client applications he wanted to submit. Varun Arora, 37, is still waiting & wants to upgrade to the DLF flat which he likes for its grand reception area, high-speed elevators & enough area to jog without having to leave the complex
Data confirms there's a trend. Luxury condos, defined as those selling above 15 million rupees ($183,000), accounted for 17% of all launches in 2022, a five-year high. Launches of once-popular affordable homes halved to 20% of the total in the period.
The other Delhi luxury project is Godrej's "Connaught One" near central Delhi's premier shopping district. It is offering apartments for $2-$3.3 million, on par with a good class bungalow in parts of the city. Newspaper ads says this will be a 7-star luxury experience.
But it's invite only. Godrej has set up space in Delhi's Imperial Hotel where guests are shown 3D models & videos that highlight heated pool, nanny-on-call services, spa, Armani wallpapers & imported marble. 160 have visited the centre, where public can't simply walk-in
The rich list is growing in India. 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.
"We are seeing more desire for larger spaces..from founders of listed firms, startups, lawyers," said Amit Goyal, India CEO at Sotheby's International Realty. Sotheby's top India listing is a $20 million eight-bedroom Delhi bungalow on a "street with The Iranian Embassy."
Read the @Reuters story on how the luxury housing space is changing in India. "The luxury residential market is on the path to revival." With @aditishahsays reut.rs
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