Record deal: Delhi-based business family buys four bare shell apartments in Gurgaons Dahlias for Rs 380 crore

NEW DELHI: In one of the costliest ever deals in India for an under construction highrise project, a Delhi-based business family has bought four bare shell apartments in DLF’s upcoming uber luxury Dahlias in Gurgaon for Rs 380 crore.

The apartments are in adjoining towers with a common wall. The common wall between two adjacent tower will be removed on two floors to create a 35,000 square feet space spread over what would otherwise have been four apartments.Last Dec, a 16,290 square feet penthouse in Gurgaon’s luxurious DLF Camellias had sold for Rs 190 crore setting a record for the most expensive high-rise condominium in the NCR. “Camellias is an existing project.

The four-apartment Dahlias deal is the most expensive for an under construction highrise project in the NCR. Taking out the loading of 35%, it leaves with a carpet area of about 22,750 sq feet. At a sale price of Rs 380 crore, that translates into a per square feet carpet area price of about Rs 1.7 lakh,” said a person in the know.Kshitij Jain, founder of Rizin Advisory, had advised the transaction. “The family has been running multiple businesses for just under a century.

The third generation of this family had a budget of Rs 300-500 crore and they were looking at a big farmhouse or something in Lutyens Delhi. During our discussions, I realised this upcoming project (which is coming up opposite Camillas) will be best suited given their requirement.

The four apartments will be integrated and linked by two access-controlled elevators,” Jain said. Incidentally the family already owns an apartment in The Camellias.Real estate data analytics firm Propequity founder-CEO Samir Jasuja said: “Dahlias is the biggest project in India with an overall value of over Rs 33,000 crore for just about 450 apartments. One family has purchased four apartments of about 35,000 sq feet for over Rs 380 crore — bare shell and 3.5 years away from completion. Once finished with interiors and registration, the total cost will cross Rs 500 crores. This would translate to over Rs 1.4 lakh per sq feet on super area and over Rs 2 lakh sq feet foot on carpet area once finished.

”The uber luxury market is witnessing a boom in Delhi NCR, which accounted for a remarkable 64% share of luxury residential launches in India's top seven cities in the first half of 2024, according to real estate consultancy firm JLL. Overall also the demand is booming with 59 ultra luxury homes — 53 apartments and six bungalows — selling for about Rs 4,754 crore in calendar year 2024, with Mumbai accounting for 52 of those deals, Delhi NCR three, and two each in Hyderabad and Bengaluru, according to data from real estate consultancy firm Anarock.

While a bungalow going for Rs 500 crore in Mumbai’s Cuff Parade was the costliest home, a condominium selling for Rs 190 crore in Gurgaon’s uber luxury DLF Camellias last Dec was the most expensive apartment deal in 2024. Anarock data shows the costliest Cuff Parade bungalow deal was followed by one buyer picking up two apartments in Lodha Malabar in Mumbai’s Malabar Hills for Rs 270 crore. Then a person bought two apartments for Rs 225 crore in Oberoi 360 West in Mumbai’s Worli. The DLF Camellias Rs 190-crore deal was the fourth costliest real estate purchase last year, followed by an apartment in Lodha Sea Face in Mumbai’s Worli for Rs 185 crore, according to Anarock data.