DLF's $4 billion luxury Indian project to take four years to build

DLF said on Monday it would take more than four years to build its $4 billion ultra-luxury project near New Delhi and that Indians living abroad were joining locals in snapping up apartments in one of the country's priciest developments ever.

DLF is targeting buyers as a rise in wealthy Indians has created not just a rush for high-end homes but also for Mercedes and Lamborghini cars, watches and even luxury bathrooms, trends that are emblematic of India's divides as hundreds of millions still depend on government food handouts.

Around 173 of the 420 units on offer have already been sold at $8 million each, and the $4 billion project is effectively being priced at $742 per square feet, DLF says. That compares to an average 2024 apartment price of $817 per square feet in the Burj Khalifa in Dubai, according to Knight Frank.

Apartments will be handed over as bare shells to customers who will spend more to design them internally, and will take more than four years to build, Aakash Ohri, chief business officer for DLF, said in an interview, detailing the plans for the first time.