DLF created a stir when it announced the completion of Rs 8,000 crore in pre-formal launch sales in its ultra-luxury Gurgram project ‘The Arbour’, where a unit will set you back a cool Rs 7 crore, in just 3 days.
The project is located at DLF SixtyThree on Gold Course Extension at Sector 63. The project was sold out even before it officially launched. Now the company has shared more details about the project.
DLF, India’s largest real estate company by market cap, said it will invest around Rs 3,500 crore in the new luxury housing project ‘The Arbour’.
The project covers a 25-acre area and includes five towers with a total of 1,137 premium apartments, all of which were sold for over Rs 8,000 crore within three days of launch. All five towers will be unique and will have 38 to 39 floors.
Each apartment cost over Rs 7 crore and the rate quoted by DLF was higher than the existing market price of Rs 14,000-16,000 per square feet in the area.
The construction cost is expected to be between Rs 7,000-8,000 per square feet due to the promised amenities in this luxury project. The project will consist of 1,137 identical 4BHK apartments, each measuring 3,950 square feet in the new project. Each apartment will come with a study and utility room layouts.
DLF CEO Ashok Tyagi told PTI that the demand for residential properties remains strong across tier I and II cities, with people upgrading to bigger homes, especially after the Covid pandemic.
DLF plans to launch many projects in Delhi-NCR, Chennai, and the tri-city of Chandigarh to capitalize on this surge in demand. DLF has two verticals, namely the development business and the rental business. The company has developed more than 153 real estate projects covering an area in excess of 330 million square feet.
