 "DLF sells 41% units of super luxury Dahlias project in nine weeks")
Realty major DLF announced that it has sold nearly 41 per cent of its offerings in its super-luxury Dahlias project, worth Rs 11,816 crore, within nine weeks of the announcement.
The 17-acre housing project, which is set to be launched by mid-2025, has already sold 173 of the 420 apartments available.
Aakash Ohri, joint managing director and chief business officer, DLF Home Developers, said that the record sales can be attributed to high demand from ultra-high net worth individuals (ultra-HNIs) across India as well as non-resident Indians (NRIs). “NRIs constitute around 12 per cent of the Dahlias’ sales,” he added.
Terming Dahlias as even more luxurious than DLF’s previous luxury project, Camellias, Ohri said that the average realisation of the project is expected to be around Rs 70 crore per residence.
“We have done close to Rs 12,000 crore in sales for the Dahlias in nine weeks. It took us nine years to achieve the same benchmark for Camellias, which shows the demand for such housing,” Ohri said.
He added that Dahlias is a product shaped by extensive customer surveys and feedback, which has contributed to its success.
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Among other factors driving demand are the robust economy and a growing emphasis on quality of life. “At the Dahlias and the Camellias, we are offering a leisurely clubhouse experience,” Ohri said.
He noted that prospective buyers are now more involved in the design phase of ultra-luxury housing projects. “There have been very thorough and detailed discussions, with people taking significant time to decide on factors like sun orientation, view corridors, and more,” he said.
Based on the launch price, the total revenue potential for this project was estimated at Rs 26,000 crore, but the figure could exceed Rs 35,000 crore as the company plans to sell the remaining units in a staggered manner.
Commenting on the future of the ultra-luxury market in India, Ohri said that super-luxury living and products like these have only just begun to take off in India.
“While there has always been a market for such products, there was a lack of options. We are now providing buyers with those options through our offerings like Aralias, Magnolias, Camellias, and now Dahlias,” he added.
The super-luxury real estate market in India is carving its own niche and setting its own benchmarks. “It is often pointed out that real estate in Dubai costs less, but India is now creating its own Beverly Hills. The response to Dahlias is an endorsement of the years of hard work we have put into creating the super-luxury segment.”
Terming super-luxury markets as price inelastic, Ohri said that top-end real estate is bought with a certain amount of passion, with sales often driven by impulsive decisions.
“The whole functionality of sales depends on impulsiveness. While the fundamentals of sales don’t change, the customers and their profiles evolve,” he added.