A photo that is currently going viral on the internet shows a massive crowd at real estate developer DLF’s office after the launch of a new project in Gurugram. Delhi-based research analyst Alok Jain shared a picture that showed people queuing up apparently to buy luxury properties worth over ₹7 crore. He also questioned reports of the apparent downturn in the real estate sector.
The founder of Weekend Investing wrote, “Someone sent me scenes from #DLF office where ppl are lining up to buy luxury homes worth 7 cr+ Where is the real estate slow down!!?
According to a Moneycontrol report, DLF’s new luxury project titled Arbour is the company’s first high-rise condominium after nearly 10 years.
On Tuesday, Jain shared an update on the viral photo. He said that a DLF broker told him that the company sold all 1,137 flats at ₹7 crore each over a span of three days. He added in the post, “Mind gone numb.” Jain added in a comment that the apartments numbering around 1,100 received calls from at least 4,500 interested buyers.
Several Twitter users reacted to the post saying that brokers or investors would have been the majority buyers.
“90 percent is bought by a few groups of investors/brokers. Have you visited Camelias on Gurgaon Golf course? Everything is sold out from DLF. Go in the evening and see how many apartments lights are switched on. Less than 40 percent inhabitants out of which half are on rent!” wrote one user.
Another user contended that brokers and builders use this strategy to create hype. “…Brokers and Builders always create this FOMO. There are still many flats available for primary sale in Delhi’s DLF Kings Court (top luxury project in Delhi NCR) P.S. The project launched in 2011,”
One person commented about the ‘income disparity’ in society. “When Shalimar group launched ultra luxury premium villas in Lucknow all units above 5cr were sold out & units below 3cr r yet to be sold. There’s no dearth of ultra rich Indians.”
DLF’s last completed project was Crest and Camellias. Arbour, spread across 25.8 acres and comprising five towers, is located in Sector 63, Gurgaon, the sources said. With ground plus 39 floors, the apartments are reportedly available at a base price of ₹18,000 per sq ft and the size of each is 3,900 sq ft. Each apartment has a choice of three parking bays which comes with the amenities of electric vehicle charging, too.
