₹100 Crore Market stunned by condo sale in Gurgaon. What you should know

 ₹100 Crore Market stunned by condo sale in Gurgaon. What you should know

News of a big Rs100 crore deal involving a 10,000 square foot flat at The Camellias by DLF on Golf Course Road has the Gurgaon real estate world abuzz. 

According to the source, a similar-sized flat in the same building was recently sold for 60 crore. The sharp rise in per-square-foot rates for this location over the previous four months is thought to be the cause of the recent rise in real estate prices.

According to Amit Goyal, managing director of India Sotheby's International Realty, "there's is a huge demand for residences at DLF Golf Links since most startup founders, upper management of MNCs, and businessmen prefer residing here because of the unmatched amenities and ecosystem."

These flats are available from DLF at a quoted price of Rs85 crore for a 10,000 square foot unit in its basic, unfinished configuration.

To make the property one of the most expensive condos in the country, owners who invested in interior improvements are now asking over Rs100 crore for units of equal size, according to ET.

High-end condominiums in the southwest suburb and mansions in the Lutyens zone now rival the prices seen in Mumbai's prestigious neighborhoods, where the cost per square foot has exceeded Rs1 lakh, as a result of the noticeable increase in luxury real estate costs in Gurgaon and wealthy areas of Delhi.

Real estate experts are comparing The Camellias to Delhi's famed Lutyens zone inside the National Capital Region (NCR), which includes Delhi and its nearby districts like Noida and Gurgaon.

According to a joint analysis released earlier in August by Knight Frank and the National Real Estate Development Council (Naredeco), India's real estate market is predicted to grow to $5.8 trillion by 2047 and increase its current contribution of 7.3% to 15.5% of the GDP.

According to the research "India Real Estate: Vision 2047," the residential segment would dominate the real estate market. It said that when India celebrates 100 years of independence in 2047, its GDP would be worth between $33 and $40 trillion.