The billionaire blueprint: Inside DLF's ultra-luxury playbook
On a quiet morning, a Rolls-Royce pulls up to the entrance of The Camellias in Gurugram. Inside, a business tycoon with a net worth of crores is finalising the purchase of his third DLF property. Across the corridor, a celebrity is seen walking around his French poodle.Welcome to the new epicentre of ultra-luxury in India, where DLF isn't just selling apartments, it is curating a billionaire lifestyle and cashing in on the growing trend of 'living life king-size'.DLF Limited, one of India's largest listed real estate developer, is leading the way in the country's fast-growing luxury real estate segment.The company has seen strong growth in its financial performance in recent quarters, driven by demand for its premium homes among the country's wealthiest.With apartments priced upwards of Rs 50 crore and even a Rs 190 crore penthouse sale, DLF is riding the real estate boom by targeting the top 1% and winning big.In the March 2025 quarter, DLF reported net sales of Rs 2,235.87 crore, a jump of 138.8% from Rs 936.74 crore in the December 2024 quarter.This rise shows how strong the interest has become in DLF's projects. The company's income from operations has also steadily increased over time, up from Rs 903.58 crore in Q2 FY24-25 to Rs 936.74 crore in Q3, before the major rise in the March quarter.A STRONGHOLD IN GURGAON
DLF Camellias (Photo: Hardik Chhabra)
DLF has found huge success in Gurgaon's Phase 5 area, where its ultra-luxury developments, The Aralias, The Magnolias and The Camellias, have become well-known names among India's rich.Santhosh Kumar, Vice Chairman of ANAROCK Group, said, 'DLF is famous for their luxury, high-end projects in key locations like Golf Course Road in Gurugram. Some of their luxury projects, like The Camellias, The Magnolias and The Dahlias, offer large, exclusive homes together with first-rate facilities. These properties have shown considerable capital appreciation and rental returns, which attracts ultra-high-net-worth customers who find their customisable 'bare shell' options particularly appealing.'DLF is not alone in this space. Other large players such as Godrej, Prestige, and Macrotech are also entering the luxury and ultra-luxury segment. But as of now, DLF seems to be riding a wave of favourable market conditions and strong post-pandemic financial liquidity.RECORD SALES AND PREMIUM PRICESIn another sign of rising demand, DLF crossed its full-year FY25 booking target within the first nine months of the financial year.This was largely due to the success of its newest project, The Dahlias, an ultra-luxury residential project in Gurgaon. All 173 units were sold at an average price of Rs 70 crore each, proving DLF's ability to command some of the highest rates in India's residential market.It's noteworthy to mention that one of the most talked-about deals took place in December 2024, when DLF sold a 16,290 sq ft penthouse at The Camellias for a record Rs 190 crore.This is believed to be the most expensive property sold in Delhi-NCR based on price per square foot. It highlighted the strong demand for unique, high-value assets among India's ultra-rich.GROWTH OF LUXURY HOME SALES IN INDIAThe demand for luxury and ultra-luxury homes has grown since the Covid-19 pandemic, with many high-net-worth individuals (HNIs) looking for spacious, comfortable and private homes that reflect their lifestyle and status. Some also see such properties as secure investments that are likely to grow in value over time.According to a recent report by CBRE South Asia, luxury home sales (homes priced at Rs 4 crore and above) in India's top seven cities rose by nearly 28% in the January to March 2025 quarter compared to the same time last year. A total of 1,930 luxury units were sold in Q1 2025, up from 1,510 units the year before.Delhi-NCR led the way, accounting for about 49% of total sales, or around 950 units.But Santhosh Kumar of ANAROCK said it's important to understand the market clearly.'We cannot call the increased interest for ultra luxury a 'shift', per se. This segment is a specialised market that caters to a small wealthy demographic and does not reflect wider housing demand in India. That said, there is indeed strong demand for ultra luxury offerings from both resident and non-resident HNIs who are constantly looking for trophy assets and secure investments.'WHY GOLF COURSE ROAD IS BECOMING 'BILLIONAIRE'S ROW'
Gurgaon's Golf Course Road has turned into a top choice for ultra-rich homebuyers. It is now seen as North India's answer to New York's Billionaires' Row or London's Mayfair.'Gurgaon's Golf Course Road has a notable concentration of ultra-luxury residences with high-end amenities, and this makes it a prime location. Prices for ultra-luxury apartments and villas by branded players can sell at as much as Rs 80 crore and more. This sends unmistakeable signals to the market and attracts more affluent buyers,' said Kumar.He added that the area is attractive because it is close to key business hubs, top international schools, premium malls and offers excellent road and metro connectivity. There is also limited supply in the area, which adds to the exclusivity and keeps prices high.But competition is rising. 'It caters to a very niche demographic and faces competition from upcoming luxury corridors such as Golf Course Extension Road,' Kumar said.CELEBS, BUSINESS TYCOONS LINE UP FOR DLF HOMESDLF properties continue to draw attention from top industry figures, entrepreneurs, and celebrities, all eager to own a slice of its luxury real estate.According to data from real estate analytics firm CRE Matrix, cricketer Shikhar Dhawan recently purchased an apartment worth around Rs 69 crore in DLF's new high-end residential project, The Dahlias, situated on Golf Course Road in Gurugram.Media reports suggest that several well-known names have invested in DLF's premium projects.These include MakeMyTrip founder and chairman Deep Kalra, Den Networks' Sameer Manchanda and his wife Kavita Manchanda, Lenskart's founder Peyush Bansal, and members of the Dhanuka family. Others such as Ashneer Grover, Aman Gupta, JC Chaudhry, Rishi Parti, and Puneet Bhatia have also been associated with DLF's ultra-luxury properties.Anmol Singh Jaggi, promoter of Gensol Engineering Limited, has also been linked to DLF's luxury offerings. He is currently embroiled in a controversy involving DLF's The Camellias project. As per an interim order by Sebi, Jaggi has been accused of misusing company funds to buy a high-end apartment in the Gurugram-based project.WILL THIS DEMAND CONTINUE?With strong economic growth and rising wealth in India, demand for luxury housing still looks strong. Last year saw record sales in this segment, with about 30% growth over the previous year.'As of now, the demand for ultra-luxury homes in India remains quite robust. India is witnessing a high growth in the numbers of its HNIs, as well as robust economic growth. The supply of relevant luxury offerings in prime residential locations is limited and prices are on a strong upward trajectory,' said Kumar.However, he added a note of caution, 'India's luxury housing market is not yet close to saturation point, but we will have to watch future demand as it will be significantly influenced by macroeconomic dynamics.'DLF Ltd has announced plans to launch residential projects worth over Rs 17,000 crore in the current financial year, aiming to tap into the rising demand for luxury housing.
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