Many developers have seen a surge in the sale of apartments across the country in the quarter ended December, especially in the luxury and semi-luxury category.
The country’s largest real estate developer, DLF, sold apartments worth Rs1,000-crore in December. This is the highest monthly sale the company has recorded in its history.
A large quantum of DLF’s sales are also from the luxury and semi-luxury segments. It sold 76 apartments of Rs5-crore each in The Magnolias, Gurgaon, netting nearly Rs400-crore. The project has apartments of 5,825 sq ft each and duplexes and penthouses of 9,000 to 10,000 sq ft each.
Indiabulls Real Estate has sold 100 apartments in its 65-storey ‘Indiabulls Sky’ in the Lower Parel area of Mumbai in the past four months. Orbit Corporation will launch one luxury project in the city every quarter. Orbit has sold off its first lot of 18 flats in Orbit Terraces — a premium housing project in the Lower Parel area in Mumbai where apartments ranged from Rs3.3-crore to Rs6.6-crore — within 17 days of its launch in September. It sold another dozen flats in the same building later.
The increasing sales are a result of many factors, besides general economic recovery. Interest rates are down, property prices are down 30 per cent from the peak and markets are doing well. All these are giving confidence to buyers to buy premium homes.