Lenskart founder Peyush Bansal, along with members of the Dhanuka Agritech family, have purchased luxury apartments in DLF's super-luxury project 'The Camellias' in Gurugram, totaling INR 106.4 crore. Registered in April 2024, these transactions occurred between 2015 and 2022. Bansal acquired a 7,461 sq. ft apartment for INR 27.02 crore. Ram Gopal Agarwal, Rahul Dhanuka, and Harsh Dhanuka bought units for INR 22.55 crore, INR 24.31 crore, and INR 32.52 crore, respectively. These high-profile sales reflect the robust demand for ultra-luxury homes in the region.
In a series of high-profile transactions, four luxury apartments in DLF's super-luxury project 'The Camellias' in Gurugram have been registered for a total of INR 106.4 crore. The buyers include prominent figures such as Lenskart's founder Peyush Bansal and key members of the Dhanuka Agritech family-Ram Gopal Agarwal, Rahul Dhanuka, and Harsh Dhanuka. These transactions, which occurred between 2015 and 2022, were officially registered in April 2024.
Peyush Bansal purchased a 7,461 sq. ft apartment for INR 27.02 crore, complete with four car parking slots. The conveyance deed was finalized on April 29, 2024, with a stamp duty payment of INR 1.89 crore. Ram Gopal Agarwal, Group Chairman of Dhanuka Agritech, alongside his wife, acquired a 7,361 sq ft apartment for INR 22.55 crore, completing the deed on April 26, 2024, and paying INR 1.35 crore in stamp duty. Similarly, Rahul Dhanuka bought a 7,361 sq. ft unit for INR 24.31 crore, finalizing the transaction on April 18, 2024, with a stamp duty of INR 1.70 crore. Harsh Dhanuka secured the largest of the properties, a 9,419 sq. ft apartment for INR 32.52 crore, with the deed executed on April 23, 2024, and a stamp duty payment of INR 2.27 crore.
The Camellias, developed by DLF, has established itself as a prime location for luxury real estate, attracting high-profile buyers from various sectors. These recent sales reflect the ongoing demand for ultra-luxurious homes in the region. When initially sold as bare-shell units in 2014, the price was around INR 22,500 per sq. ft. Currently, the market rate has soared to approximately INR 75,000 per sq. ft, with the smallest apartments renting for INR 11 lakh per month unfurnished and INR 14 lakh furnished.
In response to this demand, DLF has announced its next project, Lux 5, set to launch in the third quarter of 2024. This new development promises even greater luxury and exclusivity, with prices expected to start around INR 50 crore. The project will feature over 400 apartments and aims to generate around INR 25,000 crore in revenue. DLF's Joint Managing Director, Aakash Ohri, described Lux 5 as an "Only by Invitation" product, indicating a focus on creating an elite residential community.
The continued success of The Camellias highlights a broader trend in the Indian luxury real estate market. According to a report by Anarock, 58 ultra-luxury homes priced above INR 40 crore were sold across seven major cities in 2023, totaling INR 4,063 crore. Mumbai led with 53 sales, showcasing the strong demand for high-end properties.
The Camellias has become a hub for big-ticket deals, with several properties exceeding the INR 100 crore mark in the resale market. In October 2023, an 11,000 sq. ft apartment sold for INR 114 crore. Similarly, in January 2024, Smiti Agarwal, director at Wesbok Lifestyle, purchased an apartment for INR 95 crore. This trend highlights the growing demand for ultra-luxury homes among high-net-worth individuals (HNWIs). These palatial properties are viewed as not just residences but also as astute investments or coveted second homes.
Anarock's report reveals that across seven major Indian cities, a total of 58 ultra-luxury homes priced above INR 40 crore were sold by November 2023, with a combined value exceeding a staggering INR 4,063 crore. Mumbai emerged as the leader in this segment, boasting the most opulent property sales.
The significant appreciation in property values and the launch of new luxury projects highlight the strong growth and resilience of the luxury real estate market in Gurugram and other major Indian cities. As high-net-worth individuals continue to invest in these premium properties, the segment remains a lucrative and dynamic part of the real estate industry.
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