Gurgaon’s Camellias-II Could Top Mumbai’s Luxury Rates

NEW DELHI: Gurgaon is set to challenge Mumbai’s dominance in the luxury real estate sector with the anticipated launch of DLF’s Camellias-II. This new development, poised to be among India’s priciest high-rise condominiums, could redefine luxury living standards.

Initial reports suggest that prices for Camellias-II may start at INR 60 crore for 10,000 square feet, with per square foot rates potentially reaching INR 60,000-70,000. Notably, this price range could surpass the current record set by the existing Camellias, which commands close to INR 1.7 lakh per square foot for carpet area. The Camellias-II project, strategically located across the road from its predecessor, aims to set a new benchmark in the luxury condominium market. The existing Camellias, previously the epitome of high-end real estate in Delhi NCR, was introduced at INR 22,500 per square foot a decade ago. Despite this, it remains one of the most exclusive and expensive residential projects in India.

Traditionally, Mumbai and Delhi have been the frontrunners in high-value real estate transactions, with prices often exceeding INR 1 lakh per square foot. However, Gurgaon’s rapid growth in luxury real estate is positioning it as a serious contender. Recent sales of the largest apartments in Camellias have reportedly exceeded INR 100 crore, underscoring Gurgaon’s emerging status in the ultra-luxury segment. According to the CEO of India Sotheby’s International Realty, Mumbai, Delhi, and select parts of Gurgaon are currently the only markets commanding rates above INR 1 lakh per square foot.

He highlights that high-end properties in Delhi’s Jorbagh and Malcha Marg, though not high-rises, have achieved prices of INR 1.2-1.3 lakh per square foot. In Mumbai’s premium areas, such as South Bombay, prices range from INR 1.2-1.4 lakh per square foot. Propequity, a real estate data analytics firm, points out that while pricing in Delhi typically reflects the super area (including common spaces), Mumbai’s figures are based on carpet area. This makes an apple-to-apple comparison challenging, but the Camellias-II’s anticipated pricing could set a new standard in the industry.

DLF Home Developers Ltd has reported robust demand for luxury properties post-Covid, with recent sales in Gurgaon surpassing INR 22,000 crore across three projects in a mere 15 months. The company’s new launches, including luxury villas in Goa, indicate a growing appetite for high-end real estate. With India’s luxury real estate market expanding by 250% from INR 39,000 crore in 2018 to INR 1.39 lakh crore in 2023, Gurgaon’s position as a leading luxury market is solidifying.