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

MUMBAI, Jan 27 (Reuters) – India’s DLF said on Monday it will take more than four years to build its $4 billion ultra-luxury project near New Delhi, as Indians living abroad join locals in snapping up the country’s most expensive Apartments in one of the former developments.

DLF is targeting buyers as the rise of India’s affluent has sparked a rush not just for high-end homes but also for Mercedes and Lamborghini cars, watches and even luxury bathrooms, trends that symbolize the fragmentation of India as hundreds of millions People still rely on government food distribution.

DLF said some 173 of the 420 apartments on the market have been sold for $8 million each, while the $4 billion project is actually selling for $742 per square foot. By comparison, the average apartment price in Dubai’s Burj Khalifa will be $817 per square foot in 2024, according to Knight Frank.

DLF chief commercial officer Aakash Ohri, who detailed the plan for the first time in an interview, said the apartments would be handed over to clients as empty shells, and clients would spend more on interior design and need It took more than four years to build. .

In India, “the luxury market has just started… After Delhi, Mumbai should be a good market in the luxury space,” Ohri said.

DLF is India’s largest real estate developer and has historically focused on markets near New Delhi.

Sales of ultra-luxury homes (classified by Anarock Property Consultants as homes priced above $4.6 million) in India grew 17% in 2024.

Early demand for the project has pushed DLF’s April-December sales order book to $2.2 billion, the company said on Friday, higher than its forecast for the full fiscal year of about $2 billion.

Ori said the new development would provide a so-called “lake park” with cascading lakes, a cinema, on-call chefs and indoor sports facilities.

Ohri said 12% of the 173 apartments sold were booked by non-resident Indians (NRIs).

“NRIs don’t want to compromise on life in India… They live in estates and luxury homes across the world. They think India should be the same,” he said. (Reporting by Dhwani Pandya. Editing by Aditya Kalra and Mark Potter)