A penthouse in Gurugram’s ultra-luxury DLF Camellias project has been sold for an astounding ₹190 crore, marking one of the most expensive high-rise residential deals in Indian real estate history. The transaction, completed on December 2, has set a new benchmark for property prices in India, surpassing rates in even Mumbai's elite neighborhoods.

Details of the Deal

The 16,290 sq. ft. penthouse was purchased by Rishi Parti, director of Info-X Software Technology Pvt. Ltd., at a record-breaking ₹1.82 lakh per sq. ft. (carpet area) or ₹1.2 lakh per sq. ft. (super area). The deal included a ₹13 crore stamp duty payment, underscoring the growing demand for ultra-luxury properties in Delhi-NCR.

Comparison with Mumbai

Traditionally known as India's real estate hub, Mumbai has been outpaced by Gurugram in this deal. In Mumbai's most exclusive neighborhoods, property rates typically reach ₹1.62 lakh per sq. ft. (carpet area). The previous record for a high-rise apartment was held by a ₹263 crore deal at Mumbai’s Lodha Malabar, with a rate of ₹1.4 lakh per sq. ft.

Rising Demand for Luxury Real Estate

The transaction highlights a growing demand for high-end residential properties, particularly in Delhi-NCR, where luxury real estate prices have surged in recent months. According to JLL, Delhi-NCR accounted for 64% of luxury residential launches in India during the first half of 2024, reflecting the region’s expanding ultra-luxury market.

DLF Camellias: Setting New Standards

The DLF Camellias, located on Gurugram’s Golf Course Road, has consistently been one of the most sought-after residential projects in the country.Known for its unparalleled amenities and exclusivity, the complex has witnessed several high-value transactions, including a ₹100 crore deal earlier in 2023.

The penthouse deal underscores the appeal of Camellias and similar ultra-luxury developments, as India's growing economy and increasing disposable income drive demand for high-end housing.

A Booming Market

The pandemic has further fueled demand for spacious, high-end residences as wealthy individuals seek lifestyle upgrades. Developers like DLF are pushing the boundaries of luxury with projects like The Camellias and DLF Dahlia, solidifying NCR’s reputation as a competitor to Mumbai's traditionally dominant real estate market.

This record-breaking sale is a testament to the increasing appetite for ultra-luxury properties, positioning Gurugram as a key player in India's high-end real estate landscape.