DLF's Rs 4 crore luxury homes draw big numbers
03/23/2010

DLF had launched the third and final phase of 150 flats — each measuring 3,000 sq ft or more — of Capital Greens near Moti Nagar last Friday.

Online PR News – 23-March-2010 – – DLF, the country’s biggest realtor, has sold three-fourths of its upscale flats in central Delhi at Rs 4 crore apiece within two days of launch in a sign that demand for such properties is alive and well despite the drift towards affordable housing.

DLF had launched the third and final phase of 150 flats — each measuring 3,000 sq ft or more — of Capital Greens near Moti Nagar last Friday. A DLF spokesman confirmed the sale. “The company has received an overwhelming response,” he said, adding that the final number will be known on Monday.

The rush for DLF flats is further evidence that the Indian realty sector’s recovery is real and gathering pace after the sharp spurt in demand for affordable houses in recent months. Besides DLF, developers such as Ansal API, Orbit and Uppal are developing high-end apartments across India. Delhi-based Ansal is looking to launch upscale properties in Lucknow later this year. "The prices will be in the range of Rs 5-10 crore for villas of 4,000-5,000 sq ft,” said a spokesman.

Orbit Corporation’s boutique homes in Mumbai will be sold for nearly 50,000 a sq ft while the Uppals are developing boutique luxury housing projects in the capital in areas such as Vasant Kunj and Shanti Niketan where the rates would be around Rs 40,000 a sq ft.

Analysts say with the economy in shipshape and the job market ticking again, consumers are regaining the confidence to invest in swank projects despite the RBI’s surprise interest rate hike last Friday. In suburbs and extended suburbs, prices are more a function of location, supply and job creation, said a real estate analyst who did not want to be named as he is not authorised to talk to the media.