DLF offers Rs 4 crore flats in Delhi

Hotting up competition in the luxury residential property segment, country's largest realty player DLF today said it will offer flats with a price tag of Rs 4 crore per unit at the heart of the national capital.

The firm is offering 150 luxury apartments following the launch of the third phase of a housing project -- Capital Greens -- at Shivaji Marg, close to Moti Nagar (near Central Delhi). The flats are offered at Rs 11,000 per sq ft.

"There is very strong demand for luxury products and if we offer a good product at a competitive rate, it will sell," DLF Group Executive Director Rajeev Talwar told PTI.

Although the flats are priced very high, these are still very competitive to what other developers are offering in the city in the luxury segment, he added.

Rival Parsvnath has two residential projects in the national capital -- one at Subhash Nagar (West Delhi) priced at Rs 7,500 per sq ft and the other at Civil Lines (North Delhi) tagged at Rs 10,000 a sq ft.

Another developer Emaar MGF is selling apartments at Rs 12,700 per sq ft in its Commonwealth Games project.

Talwar said DLF's third phase will comprise only 4-BHK apartments, sizes of which will be about 3,000 sq ft.

"We have already received bookings for 70 units. We will open the bookings till all the flats are sold," he added.

The company had last year launched its first and second phases with 1,400 and 1,250 units, respectively.

While the apartments in Phase-I were available at a price of Rs 4,500 per sq ft (2-BHK) and Rs 5,500 per sq ft (3-BHK), the company offered its flats in Phase-II at Rs 6,750 per sq ft (2-BHK), Rs 7,500 per sq ft (3-BHK) and Rs 8,000 per sq ft (4-BHK).

In 2007, DLF had acquired 38 acres from DCM Shriram and Lohia Group for Rs 1,675 crore, and the 'Capital Greens' is being developed on that land.