Last updated: February 25, 2023, 7:07 PM IST
An image of a large crowd at the office of real estate developer DLF following the launch of a new project in Gurugram is currently going viral on the internet. Alok Jain, a research expert based in Delhi, posted a picture of people queuing for what appeared to be the purchase of luxury properties worth more than Rs 7 crore. He also disputed claims that the real estate market was supposedly in decline.
The founder of Weekend Investing stated: “Someone sent me scenes of the #DLF office where people line up to buy luxury homes worth 7 cr+ Where is real estate slowing down!!? Arbour, a brand new luxury project from DLF, is the company’s first high-rise apartment in nearly a decade, according to an article in Moneycontrol. Jain gave an update on the trending image on Tuesday. He claimed that a DLF dealer informed him that all 1,137 apartments had been sold within three days for a price of Rs. 7 crore each. He contributed to the article “Mind gone feelingmb”.
In response to the post, several Twitter users claimed that brokers or investors would have made up the majority of buyers. The viral image has left investors perplexed. Yet there is no word from the general manager of DLF. On Twitter, someone wrote: “90 percent is bought by a few groups of investors/brokers. Have you visited Camelias at Gurgaon Golf Course? Everything is sold out from DLF. At night, take a look at how many apartment lights are on. Less than 40 percent of the inhabitants, half of whom have rent!”
Crest and Camelias was the recent venture completed by DLF. Arbour, which covers 25.8 hectares and consists of five towers, is located in Sector 63 of Gurgaon, according to the reports. The apartments, which have a total of 39 floors and a ground floor, are said to be offered at a base price of 18,000 rupees per square foot and have an area of 3,900. Three parking spaces are available per apartment, all with charging points for electric cars.
Read all the latest business news here