Delhi-based family spends Rs 380 cr on 4 Gurugram apartments to create one colossal home

Gurugram city (file photo)

A Delhi-based business family has sealed a record-breaking property deal, purchasing four adjoining apartments in an under-construction Gurugram super luxury tower for a staggering Rs 380 crore, according to a TOI report.

The transaction, for the bare shell spaces in DLF's 'The Dahlias' project, is the most expensive ever for an under-construction highrise in the National Capital Region (NCR). The buyer, a family with nearly a century of business history, plans to merge the four units by removing a common wall between two adjacent towers. This ambitious conversion will create a single, sprawling 35,000-square-foot residence spread across two floors.

Kshitij Jain of Rizin Advisory, who advised on the deal, providing context explained that the family’s third generation had initially considered a farmhouse or a Lutyens' Delhi property with a budget of Rs 300-500 crore. "During our discussions, I realised this upcoming project opposite Camellias will be best suited given their requirements," Jain stated, as quoted by TOI. The resulting mega-apartment will be serviced by two access-controlled elevators.

The scale of the development itself is monumental. Samir Jasuja, founder-CEO of real estate analytics firm Propequity, was cited by TOI as saying that 'The Dahlias' is the country's largest project by value, estimated at over Rs 42,000 crore for just 420 apartments.

Jasuja further revealed that once interior work and registration are completed, the total outlay for this four-apartment complex is expected to surpass Rs 500 crore. The project is reportedly three and a half years from completion.

This deal has reset the benchmark for luxury real estate. As one source familiar with the matter reportedly explained, the previous record for a highrise condominium in the NCR was set just last December with the Rs 190 crore sale of a penthouse in DLF's 'The Camellias’, a project where the buying family already owns a property.

The source detailed that after accounting for a 35% loading factor, the new purchase offers a carpet area of approximately 22,750 square feet, translating to a price of about Rs 1.7 lakh per square foot.

This record-breaking purchase is a stark indicator of a surging ultra-luxury market in Delhi-NCR. Data from real estate consultancy JLL, cited in the TOI report, underscores this trend, revealing that the region accounted for a remarkable 64% of all luxury residential launches in India's top seven cities in the first half of 2024.

Overall, 59 ultra-luxury homes were sold in the country for approximately Rs 4,754 crore this year, signalling robust demand at the very peak of the property sector.