By<a href="https://www.hindustantimes.com/author/vandana-ramnani-101608310282841" class="authorNameClick" data-vars-article-title="Delhi-NCR real estate deal: DLF flat in Gurgaon sold for ₹95 crore” data-vars-cta-text=”Vandana Ramnani” data-vars-article-id=”101708513971601″ data-vars-article-category=”real estate” data-vars-published-date=”Feb 21, 2024 05:16 PM IST”>Vandana Ramnani
Feb 21, 2024 05:16 PM IST
Realty consultants said that the real estate deal in The Camellias by DLF has narrowed the price difference of properties in Delhi and Gurugram
Delhi-NCR’s uber luxury housing market is on a dream run. In the latest deal, a 10,000 sq ft apartment at The Camellias by DLF in Gurgaon’s posh Golf Course Road has sold for ₹95 crore, documents accessed by CRE Matrix showed.
<source media="(max-width:767px)" srcset="https://www.hindustantimes.com/ht-img/img/2024/02/21/400×225/Camellias_club_1708515684878_1708515690140.jpeg" alt="A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon's posh Golf Course Road has sold for ₹95 crore” title=”A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon’s posh Golf Course Road has sold for ₹95 crore”> <img src="https://www.hindustantimes.com/ht-img/img/2024/02/21/550×309/Camellias_club_1708515684878_1708515690140.jpeg" alt="A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon's posh Golf Course Road has sold for ₹95 crore” title=”A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon’s posh Golf Course Road has sold for ₹95 crore”> A 10,000 sq ft apartment at The Camellias by DLF in Gurgaon’s posh Golf Course Road has sold for ₹95 crore
The seller is a Singapore-based NRI who has sold the apartment to Smiti Agarwal, wife of Hemant Agarwal, CMD at V Bazaar Retail Pvt Ltd. Smiti Agarwal is director at Wesbok Lifestyle Pvt Ltd.
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The stamp duty paid by the buyer amounts to ₹4.75 crore, the document showed.
The sale deed was registered in January, according to the document.
Most apartment buyers in Gurugram are from south Delhi or central Delhi who have bought luxury apartments for a lifestyle upgrade after selling their bungalows in Delhi
“DLF phase 5, Gurugram has emerged as the preferred choice for startup founders, senior executives of MNCs, and businessmen, more so for people having their workplaces in and around Gurugram. One of best golf course along with unmatched amenities offered by DLF has attracted the wealthy buyers into this condominium and it now commands per square foot price at par with prime areas of Delhi and Mumbai,” said Amit Goyal, Managing Director, India Sotheby’s International Realty.
Demand for ultra-luxury homes continues to rise with most high net worth individuals purchasing these properties for investment, personal use, or both. A recent report by Anarock shows 58 ultra-luxury homes priced above ₹40 crore were sold across seven major cities till November 2023, accumulating a total sales value of ₹4,063 crore. Mumbai led the way with 53 of these opulent properties.
Delhi-NCR recorded four deals for two ultra-luxury homes in Gurugram and two bungalows in Delhi. At least 12 deals in 2023 were worth over ₹100 crore each with 10 such deals in Mumbai and two in Delhi-NCR, the report said.
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Vandana Ramnani is editor, real estate, HT Digital. She has reported extensively on residential and commercial real estate. She can be reached at vandana.ramnani@htdigital.in
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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
