**DLF’s $4 Billion Ultra-Luxury Project Near New Delhi to Take Over Four Years to Complete**
MUMBAI, Jan 27 – DLF, one of India’s leading real estate developers, announced on Monday that its ambitious $4 billion ultra-luxury project near New Delhi will require more than four years for completion. The development has attracted interest from both local buyers and Indians living abroad, with many eager to purchase apartments in what is set to be one of the country’s most expensive residential projects.
The surge in demand for high-end properties reflects a growing affluent class in India, which is also driving sales of luxury cars, watches, and upscale home features, highlighting the stark economic disparities in a nation where millions still rely on government food assistance. Currently, 173 of the 420 available units have been sold at a price of $8 million each, with the project priced at approximately $742 per square foot. In comparison, the average apartment price in the Burj Khalifa in Dubai is projected to be $817 per square foot in 2024, according to Knight Frank.
The apartments will be delivered as bare shells, allowing buyers to invest further in interior design. Aakash Ohri, DLF’s chief business officer, shared these details in an interview, emphasizing that the luxury market in India is just beginning to flourish. He noted that after Delhi, Mumbai is expected to be a significant market for luxury real estate.
Sales of ultra-luxury homes in India, defined by Anarock Property Consultants as properties priced above $4.6 million, saw a 17% increase in 2024. The early demand for DLF’s new project has propelled the company’s sales bookings for the period from April to December to $2.2 billion, surpassing its fiscal-year target of approximately $2 billion.
The new development will feature a “lake park” with cascading lakes, cinemas, an on-call chef, and indoor sports facilities. Ohri revealed that 12% of the sold units were purchased by non-resident Indians (NRIs), who seek to maintain their high living standards in India, similar to their lifestyles abroad.
