India developer's US$1.3 billion luxury project sells out in one week
[NEW DELHI] India's biggest real estate developer sold luxury residences worth about US$1.3 billion at a new highrise project near capital New Delhi, as demand for lavish homes shows no sign of abating.
DLF garnered the highest ever revenue from a single project selling apartments worth more than US$1 million each within a week of starting to take bookings, according to a statement. The houses will be delivered to buyers in about five years. The apartment complex is spread over 17.7 acres in the satellite city of Gurugram that's home to multinationals including Google and American Express.
Luxury housing in India is booming even as demand remains muted in the broader real estate sector. Sales of expensive top-end houses grew by 28 per cent in the first quarter of 2025 across top seven cities in the country, according real estate consulting firm CBRE. Still, the number of homes sold in India's top 15 emerging urban markets fell 8 per cent during the period, real estate analytics firm PropEquity said in a report this month.
'We saw interest from buyers across India and around the world,' said Aakash Ohri, joint managing director of DLF Home Developers.
Last year, DLF booked sales for luxury apartments worth about US$865 million from another project in the same Privana township and sold houses valued at US$970 million at another project in Gurugram in 2023. Demand for these houses is primarily driven by wealthy Indians living abroad who see these as investment.
The appetite for top-end apartments has encouraged other developers to announce similar projects around Delhi. US President Donald Trump's real estate firm plans to build one more residential project in India with partner Tribeca Developers working on a twin-tower luxury project in Gurugram. Godrej Properties is also developing several luxury residential projects in the national capital region.
DLF's latest development comprises 1,152 four-bedroom apartments and 12 penthouses across six towers of more than 50 floors each, making these the tallest residential structures built by the company. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Malaysia to build 50% more gas-fired power capacity to meet data centre demand
[KUALA LUMPUR] Malaysia is expected to add 6-8 gigawatts of gas-fired power by 2030 to address growing electricity consumption driven by demand from data centres, an industry official said. The country is expected to see the fastest surge in data centre power demand in South-east Asia, with its share of electricity consumed by data centres in the region to triple to 21 per cent by 2027 from 7 per cent in 2022, a joint report in May by Bain & Co with others including Google and Temasek showed. Rising gas demand could see Malaysia, the fifth-largest exporter of liquefied natural gas (LNG), start importing the super-chilled fuel in four to five years, the head of state energy firm Petronas told the Energy Asia conference this week. Megat Jalaluddin, CEO of state utility Tenaga Nasional, said he expects Malaysia to add 6-8 gigawatts of gas-fired power by building new plants and extending the life of existing ones as it looks to cut dependence on coal. That represents a 40-54 per cent increase from the current 15 GW of gas-fired capacity. Total power consumption in Malaysia is on track to increase 30 per cent by 2030, and Malaysia has already invited industry proposals for supply, he said. 'We want to phase out coal responsibly. Then the next best option that can basically take the place of coal is gas,' he told Reuters on the sidelines of the Energy Asia event. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Malaysia could also add as much as 10 GW of renewable capacity by 2030, more than doubling the 9 GW currently, as data centres push for access to cleaner sources of power, he said. In the last two years, Malaysia has turned to its coal-fired power plants to address surging demand which grew at the fastest pace in 14 years in 2024, according to energy think-tank Ember. Data centres are expected to require 19.5 GW of power generation capacity by 2035, accounting for 52 per cent of Peninsular Malaysia's electricity use, from about 2 per cent now, Deputy Prime Minister Fadillah Yusof told Reuters. Technology giants including Microsoft, Nvidia, Alphabet's Google and ByteDance have announced billions of dollars in investments in Malaysia since the beginning of last year, powering an infrastructure boom. Malaysia's southern state of Johor has emerged as South-east Asia's hottest data centre hub due to its proximity to Singapore, relatively cheap land and power and faster approvals, real estate consultancy Knight Frank said in a report. REUTERS
CNA
an hour ago
- CNA
IMF first deputy managing director Gita Gopinath on US tariffs, China headwinds
Heightened uncertainty has weighed down on the global economic outlook, with US President Donald Trump's tariffs and headwinds facing China, the world's second-largest economy. CNA's Roland Lim spoke with Ms Gita Gopinath, the International Monetary Fund's first deputy managing director, in a wide-ranging discussion.
Business Times
an hour ago
- Business Times
US weekly jobless claims fall, but still elevated
[WASHINGTON] The number of Americans filing new applications for unemployment benefits fell last week, but stayed at levels consistent with a further loss of labour market momentum in June. Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 245,000 for the week ended Jun 14, the Labor Department said on Wednesday (Jun 18). Economists polled by Reuters had forecast 245,000 claims for the latest week. The report was released a day early because of the Juneteenth National Independence Day holiday on Thursday. Claims are in the upper end of their range for this year and could remain there, with non-teaching staff in some states eligible to file for unemployment benefits during the summer school holidays. Though some technical factors accounted for the elevation in claims, there has been a rise in layoffs, with economists saying President Donald Trump's broad tariffs had created a challenging economic environment for businesses. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of June's employment report. Federal Reserve officials wrapping up their two-day policy meeting on Wednesday are expected to leave the US central bank's its benchmark overnight interest rate in the 4.25 to 4.5 per cent range, where it has been since December, while monitoring the economic fallout from the import duties and the conflict between Israel and Iran. The still historically low layoffs have accounted for much of the labour market stability, with the hiring side of the equation soft amid hesitancy by employers to increase headcount because of the unsettled economic environment. Nonfarm payrolls increased by 139,000 jobs in May, down from 193,000 a year ago. Data next week on the number of people receiving benefits after an initial week of aid, a proxy for hiring, could shed more light on the state of the labour market in June. The so-called continuing claims dropped 6,000 to a seasonally adjusted 1.945 million during the week ending Jun 7. Recently laid off workers are struggling to find work. REUTERS
