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Demand for Luxury Housing Alive

Published & Updated as on - 2010-03-23

DLF, the Country’s biggest realtor, has sold three-fourths of its upscale flats in central Delhi at Rs 4 crore apiece within two days of launch in a sign that demand for such properties is alive and well despite the drift towards affordable housing. DLF had launched the third and final phase of 150 flats — each measuring 3,000 sq ft or more — of Capital Greens near Moti Nagar last Friday. A DLF spokesman confirmed the sale. “The company has received an overwhelming response,” he said, adding that the final number will be known on Monday.

The rush for DLF flats is further evidence that the Indian realty sector’s recovery is real and gathering pace after the sharp spurt in demand for affordable houses in recent months. Besides DLF, developers such as Ansal API, Orbit and Uppal are developing high-end apartments across India. Delhi-based Ansal is looking to launch upscale properties in Lucknow later this year. “The prices will be in the range of Rs 5-10 crore for villas of 4,000-5,000 sq ft,” said a spokesman. Orbit Corporation’s boutique homes in Mumbai will be sold for nearly 50,000 a sq ft while the Uppals are developing boutique luxury housing projects in the capital in areas such as Vasant Kunj and Shanti Niketan where the rates would be around Rs 40,000 a sq ft.

Analysts say with the economy in shipshape and the job market ticking again, consumers are regaining the confidence to invest in swank projects despite the RBI’s surprise interest rate hike last Friday. In suburbs and extended suburbs, prices are more a function of location, supply and job creation, said a real estate analyst who did not want to be named as he is not authorised to talk to the media. No market illustrates this facet than Delhi where the property market has long been beset by a space crunch, he said, adding that the stellar response for DLF flats should come as no surprise. After the latest round, the Capital Greens project’s total sale value has shot up to around Rs 3,600 crore. In the first phase, DLF sold 1,450 flats for Rs 1,300 crore; in the second, it sold 1,250 flats for Rs 1,700 crore and in the last, 300 flats were sold for Rs 600 crore.

The company bought the 38-acre plot in 2007 for Rs 1,650 crore. Even DLF, a name typically bracketed with luxury housing, veered towards affordable properties after the market got hammered by the slowdown as buyers kept away and lending dried up. But a return to upscale properties may be in order with residential prices in metros such as Delhi and Mumbai expected to firm up further in the next few months due to a paucity of supply, said analysts.

Source: Indian Realty News 22/3/10

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