MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, recently acquired luxurious apartments at The Magnolias by DLF in Gurugram, each valued at around Rs 33 crore. These 6,500 sq ft residences have seen an incredible price increase since October 2022. The Golf Links projects, including the Aralias, the Magnolias and the Camellias, have become prominent addresses in the National Capital Region (NCR). The surge in luxury real estate prices reflects a growing trend, with DLF's Golf Links residences commanding top rentals and drawing comparisons to Delhi's prestigious Lutyens zone. Property transactions in the region have experienced heightened demand, contributing to a notable surge in the luxury real estate market.
MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, have recently acquired separate apartments at The Magnolias by DLF on Golf Course Road in Gurugram, each valued at around Rs 33 crore. The 6,500 sq ft apartments have witnessed a remarkable hike in price in comparison to the Rs 19 crore valuation for a similar-sized apartment in October 2022.
The Golf Links projects which include the Aralias, the Magnolias and the Camellias, have become one of the area’s most sought-after addresses, with CEOs, start-up founders and businessmen making these residences the most coveted in the National Capital Region (NCR).
According to CRE Matrix documents, Magow purchased his apartment for Rs 33 crore, while Mehta acquired his for Rs 32.6 crore. The documents also revealed that Magow incurred a stamp duty of Rs 1.98 crore, whereas Mehta paid Rs 1.95 crore in stamp duty for their respective property transactions. Both of these include three parking spaces. During the pandemic, DLF received an increase in sales, surpassing the number of Camellias units sold in the previous two years.
DLF Golf Links residences on Golf Course Road commands some of the highest rentals in the luxury and ultra-luxury segments nationwide. Property experts in the National Capital Region are now drawing comparisons between The Camellias and Delhi's Lutyens zone, home to the country's top business tycoons and political elite.
Approximately 15% of property owners at the Camellias have upgraded from 'The Magnolias' and 'The Aralias.' Notable property owners at The Camellias include Aman Gupta, founder of BoAt, JC Chaudhry, founder of Aakash Educational Services and Elan Group, a real estate firm.
The Camellias project alone is valued at Rs 12,000 crore, with a limited offering of 429 units. In October 2023, a resale of an 11,000 sq ft apartment at The Camellias was completed for over Rs 100 crore. Similarly, Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi, purchased a 2,100 square yard bungalow in Delhi's Golf Links for Rs 160 crore in March this year. In May, Lenskart co-founder Peyush Bansal acquired a house in Neeti Bagh for Rs 18 crore.
The Covid-19 pandemic triggered a demand surge in the luxury and ultra-luxury home segments. The collective data for 2022 and 2023 shows that 71 ultra-luxury residential deals worth approximately Rs 5,233 crore were closed in the top 7 cities. This indicates a substantial surge in the luxury real estate market in Gurgaon and Delhi, bringing property rates in these regions on par with Mumbai's high-end neighbourhoods.
A recent Anarock report reveals that 58 ultra-luxury homes priced above Rs. 40 crore were sold across seven major cities till November 2023, totalling Rs. 4,063 crore in sales value. Mumbai led with 53 of these properties and among the deals, 53 were for apartments, while five were for bungalows. Two ultra-luxury homes in Delhi-NCR were sold for over Rs 100 crore each.
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