DLF announced that its $4 billion ultra-luxury project near New Delhi will take more than four years to complete. The development has attracted both local buyers and Indians living abroad, making it one of the country's most expensive residential projects.

The demand for high-end homes has surged in India, driven by a rise in wealthy individuals who are also fuelling sales of luxury cars, watches, and high-end home interiors. At the same time, a significant portion of the population still relies on government food assistance, highlighting the country's economic divide.

Out of the 420 available units, 173 have already been sold at $8 million each, pricing the project at approximately $742 per square foot. For comparison, the average apartment price in Dubai’s Burj Khalifa in 2024 was $817 per square foot, according to Knight Frank.

The apartments will be delivered as bare shells, requiring buyers to invest further in interior design. DLF's chief business officer, Aakash Ohri, stated that this luxury market is still in its early stages in India, with Mumbai expected to be a key market after Delhi.

As India's largest real estate developer, DLF has traditionally focused on areas near New Delhi. The ultra-luxury housing segment, classified by Anarock Property Consultants as homes priced above $4.6 million, saw a 17 per cent increase in sales in 2024.

The strong demand for this new project has pushed DLF's sales bookings for April-December to $2.2 billion, surpassing its full fiscal-year projection of $2 billion. The development will feature amenities such as a lake park with cascading lakes, cinemas, an on-call chef, and indoor sports facilities.

Of the units sold, 12 per cent have been booked by non-resident Indians (NRIs), who are seeking homes in India that match the luxurious living standards they experience abroad.

News source: Business Standard