When Indian property developer DLF launched a housing project in Gurgaon on the outskirts of capital New Delhi last month, all the flats sold out within a week despite a minimum price tag of more than US$1 million – a figure that would have daunted most buyers until recently.
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The successful sale of the project called DLF Privana North in Gurugram followed two others over the 116-acre (47-hectare) residential development, DLF Privana South and DLF Privana West, each of which were sold out in 72 hours in January and May last year respectively.
The benchmark set by India’s largest property developer has seen several others such as Godrej, Emaar and Experion trooping in with launches of several luxury flats at similar prices.
A mix of volatile geopolitical tensions – which have driven overseas Indians to buy into reputable residential properties in their home country – combined with domestic entrepreneurial and professionals’ wealth has ushered in a new genre of housing.
The sale of such expensive homes has caused concern among certain quarters over whether the trend is sustainable.
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