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DLF Dahlias: Real estate major sells yet-to-be-launched super premium flats like hot cakes
DLF has sold 173 ultra-luxury apartments in its new project, The Dahlias, for ₹11,816 crore in nearly nine weeks. Two penthouses sold for ₹150 crore each
Real estate major DLF has sold 173 ultra-luxury apartments in its new project, The Dahlias, the yet-to-be-launched condominiums, for ₹11,816 crore in almost nine weeks, on the back of strong demand from ultra-high-net-worth individuals, including top CEOs and non-resident Indians, DLF’s Home Developers Joint managing director Aakash Ohri said on January 27.
He said the project comprises bare-shell apartments and is expected to be completed in four years.
For the uninitiated, a similar success was achieved in its project Camellias in almost 10 years. “The Dahlias will be more luxurious than the Camellias,” he said, adding that it will be launched in mid-2025.
He said the selling price of these ultra-luxury units is around ₹105,000 on carpet area, and the price of a 10,000 sq ft apartment is around ₹70 crore.
“The size of these ultra-luxury units start at 10000 sq ft and go all the way up to 19,000 sq ft for penthouses,” Ohri told HT.com.
Ohri said the apartments were sold for ₹55 crore to ₹125 crore, while two penthouses were sold for ₹150 crore each.
“Buyers have paid 9% cost as the booking amount, and the company has already received close to ₹1200 crore from the project,” he said.
When asked about the timeline for selling the remaining units, he said, "These would be sold in a staggered manner, perhaps in another 2-3 phases."
The Dahlias will span around 7.5 million square feet and comprise 420 residences across 29 levels and 8 towers, including 15 exclusive duplex penthouses of about 350,000 square feet. The project is the latest addition to the DLF5 Golf Links community and will overlook a proposed Lake Park
“The residences will feature generous 4-meter floor-to-ceiling heights, expansive outdoor decks that span the width of each residence, and a seamless integration of indoor and outdoor living spaces,” Ohri said.
Based on the launch price, the total revenue potential for this project was estimated at ₹26,000 crore, but the figure could reach more than ₹35,000 crore as the company would probably sell the remaining in a staggered manner, he said.
Later, at the investors' call, Ohri said, “As far as demand is concerned, I feel the real estate market in Gurugram is maturing. Investments coming into Gurugram are area agnostic—investors from all over the world and all over the country invest in a DLF product.”
He said that the experiential centre will open in mid-2025 and that the company is “not in a hurry to sell” (The Dahlias).
“Superluxury is not a first-day, first show,” he added.
Who are the buyers?
Asked about the buyers’ profiles, Ohri said that Indian business families, CXOs, and entrepreneurs - have all bought into the project. “The new trend is that we have endorsements from the entire family. It’s not about one family member deciding the purchase anymore. The purchase of this property is a family decision,” he said.
As many as 40% of people who have bought into the project are upgraders planning to upgrade from other super luxury projects such as the Camellias.
He said as many as 12% of buyers are NRIs from the US, Middle East, Southeast Asia, and the UK, adding that HNIs from cities such as Kanpur, Bhubaneshwar, Lucknow, Kolkata, and Ludhiana have also invested in these units.
He told HT.com that people aged 35 to 65 have bought into the project.
On Jan 24, DLF reported a 61 per cent increase in its consolidated profit to ₹1,058.73 crore for the quarter ended December while sale bookings hit an all-time high of ₹12,093 crore driven by super luxury project 'The Dahlias'.
