DLF's $4 billion ultra-luxury Indian project to take 4 years to build

India's DLF said on Monday it would take more than four years to build its $4 billion ultra-luxury project near New Delhi and that Indians living abroad were joining locals in snapping up apartments in one of the country's priciest developments ever. 

DLF is targeting buyers as a rise in wealthy Indians has created not just a rush for high-end homes but also for Mercedes and Lamborghini cars, watches and even luxury bathrooms, trends that are emblematic of India's divides as hundreds of millions still depend on government food handouts. 

Around 173 of the 420 units on offer have already been sold at $8 million each, and the $4 billion project is effectively being priced at $742 per square feet, DLF says. That compares to an average 2024 apartment price of $817 per square feet in the Burj Khalifa in Dubai, according to Knight Frank. 

Apartments will be handed over as bare shells to customers who will spend more to design them internally, and will take more than four years to build, Aakash Ohri, chief business officer for DLF, said in an interview, detailing the plans for the first time. 

In India, the "luxury market has just begun ... After Delhi, Mumbai should be a good market to be around in the luxury space," said Ohri. 

DLF, India's biggest real estate developer, has historically focused on markets near New Delhi. 

Sales of ultra-luxury homes, which Anarock Property Consultants classifies as those priced above $4.6 million in India, in 2024 rose 17%. 

Early demand for the project took DLF's sales bookings for April-December to $2.2 billion, the company said on Friday, above its own full fiscal-year outlook of around $2 billion. 

The new project will offer a so-called "lake park", which will have cascading lakes, cinemas, an on-call chef and indoor sports facilities, Ohri said. 

Ohri said that 12% of the 173 units sold were booked by non-resident Indians (NRIs). "NRIs don't want to compromise on their living in India ...

  They are living in estates and plush homes all over the world. And they feel that India should be no less," he said.