by THO
Almost six days ago, history was written in Gurugram’s real estate market. An ultra-luxury 16,290 sq ft apartment in DLF’s Camellias was sold for ₹190 crore to Info-x Software Technology Pvt Ltd through its director Rishi Parti.
Also Read: Gurugram luxury apartment in DLF’s Camellias sells for ₹190 crore
In February of this year, a Singapore-based NRI sold a 10,000 sq ft apartment at The Camellias to Smiti Agarwal, wife of Hemant Agarwal, CMD at V Bazaar Retail Pvt Ltd, for a whopping ₹95 crore.
In 2023, the complex made news after an 11,000-square-foot apartment in this complex located on Gurugram’s Golf Course Road was sold for ₹114 crore in resale. The transaction was then compared with deals in New Delhi’s posh localities, among the country’s most expensive properties. DLF had sold the Camellias in Gurugram as bare-shell units in 2014 at ₹22,500 per sq. ft.
Spread across 17.5 acres of land, The Camellias is a confluence of wealth – it’s like living in a 7-star hotel 365 days, 24 hours a day. This is the project where the country’s most successful people reside – from industrialists, CXOs, start-up founders and the who’s who of Delhi’s elite club, some of who moved away from independent kothis to these almost 10,000 sq ft-odd apartments located in Delhi’s suburbs.
1. The pull factor
What draws people to this project are the elite neighbours. Here, they get to live and interact with people who have made it big, the who’s who of high society. The clubhouse of these condominiums offers them a platform to transact business deals while playing poker or sanction investments in the salon while getting a pedicure.
2. Living close to the workplace
Gurugram’s growth mirrors that of top metros such as Delhi and Mumbai regarding affluence and the people who reside there. “It is a city of professionals comprising industrialists, CEOs and start-up owners who have amassed wealth and want to live close to their workplace. Travelling from Delhi to Gurugram, their company’s headquarters, was challenging as traffic was a big problem. An uber luxury enclave such as this provided them the right option and reasons enough to live in the same area where they were driven to work every day,” explains Sameer Jasuja of PropEquity, adding this could be one of the several properties they owned.
3. The Fear of Missing Out
Demand for luxury and ultra-luxury homes among wealthy Indians has increased primarily because of few launches in the luxury housing segment and the fear of missing out (FOMO) on the most desirable properties in town. There is less supply chasing high demand for luxury properties, especially Camellias, in markets such as Gurugram or Mumbai.
Real estate experts say that rich investors in Delhi, who would have bought into bungalows earlier, now prefer housing communities with modern amenities, especially dedicated parking spaces and clubhouse facilities.
Each of these ultra-luxury projects from the DLF stable has been launched after a gap of almost seven to eight years. “From 2000 to 2024 only three such complexes exist, meaning eight years per project. These are exclusive Rolls Royce apartments – almost 400 units per project out of 1320 units spread across Aralias, Magnolias and Camellias. This comprises only .001% of the total supply in the market. These ultra-luxury products are few and far between, and that’s the reason why they get lapped up the minute they are launched,” he said.
4. High Rentals
The monthly rent in Camellias can reach as high as ₹20 lakh for an 11000 sq ft apartment. A 7500 sq ft apartment can fetch a monthly rent of ₹14 lakh. The average rental in Magnolias is ₹7-8 lakh per month, as per brokers active in the area.
5. Cracking the luxury code
On offer are facilities that rival the best international luxury resorts. Living here is akin to living in a 7-star hotel almost 365 days a month.
It provides a gated community experience that Delhi does not offer to the uber-rich. This experience is far superior to that of living in an apartment. The developer has also got the size right.
“The developer has got it right by providing large-sized apartments. Besides the gated community experience, the developer has provided large-sized units that are often as spacious as the bungalow, if not more. If you create a complex for the uber-rich, you cannot compromise on the size. Last but not least, the size of these units makes these apartments more coveted than those in Mumbai, where apartments are smaller,” explains Jasuja.
6. Uber luxuries on offer
The 7-star club, the gym, a movie theatre, a salon, concierge services, restaurants, bakeries, retail outlets selling luxury brands—the list is endless when it comes to luxuries that life offers and that you can afford.
7. Bare shell apartments
The developer got it right by selling bare-shell units. “The rich want customised homes like a customised painting. They want their tastes to reflect in their homes. Hence, this strategy ticked all the boxes,” said Jasuja.
8. Like-minded neighbours
Another unique selling proposition of this project is the like-minded community of the super-rich. It is an address. “You don’t have to drive an hour to a friend’s place to party all night. You simply hop across to another building. You walk to a party and walk back home. Your social circle is right here. It is a private club of ultra HNIs. The developer has managed to get together a group of private club members to live within the same complex,” said Jasuja.
9. The billion-dollar golf view
Almost four decades back, the rich would pick up a bungalow in Golf Links because it faced the golf course. Now, the same Golf Links have been recreated in Gurugram.
Also Read: Real Estate trends: Five clinchers for a ₹100 crore property deal
“The project offers the most amazing view by the golf course and greenery extending to 1000 acres, perhaps more than New York’s Central Park or London’s Hyde Park. This is perhaps the best view that money can buy in the NCR market,” said Jasuja.
10. Long-term buyers
It’s also home to several longtime DLF residents. Camellias is the third of DLF’s ultra-luxury condo complexes, starting with Aralias and then Magnolias. It has been observed that most residents who bought an apartment in Arallias invested in Magnolias and then in Camellias. “The idea is to upgrade to a better product once it gets launched. These people either sell the property or put it on rent. It is worth noting here that many of them can afford to buy a new product without having to sell to buy another apartment. Also, they would have saved enough to buy another apartment in a period of eight years,” said Jasuja.
“The success of these projects validates the society living here. The fact that the same society has reinvested only reaffirms its faith in these products,” he adds.
