MakeMyTrip’s boss, Rajesh Magow, and Genpact’s HR head, Piyush Mehta, just snagged fancy apartments at The Magnolias on Golf Course Road, Gurugram. They each spent about Rs 33 crore in two separate deals.
The prices at Golf Links projects – the Aralias, the Magnolias, and the Camellias – have shot up since last year. In October 2022, a similar-sized apartment was sold for Rs 19 crore. Now, as per CRE Matrix documents, both Rajesh Magow and Piyush Mehta have acquired 6,500 sq ft apartments. Magow’s cost is Rs 33 crore, while Mehta secured his for Rs 32.6 crore.
Genpact chose not to comment, and Magow, CEO of MakeMyTrip, didn’t respond to messages or calls. Industry experts note that DLF Golf Links apartments are hot in the market, attracting CEOs, startup founders, and businessmen. It’s become the go-to address in the NCR region.
Recently, Economic Times covered a hefty Rs 100-crore deal for a spacious 10,000 square feet apartment at The Camellias by DLF on Golf Course Road in Gurugram.
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The impressive rise in luxury real estate prices in Gurgaon and upscale areas of Delhi has now aligned rates of high-end apartments in the chic southwestern suburb and mansions in the Lutyens zone with the prestigious neighborhoods of Mumbai.
In the National Capital Region (NCR), which covers Delhi and nearby areas like Noida and Gurgaon, real estate experts are now likening The Camellias to Delhi’s prestigious Lutyens zone. The latter is renowned as the residence of the nation’s top business tycoons and political elite.
About 15% of the people who own homes at The Camellias previously lived in ‘The Magnolias’ and ‘The Aralias.’ Most buyers come from the Delhi NCR region. Notable individuals like Aman Gupta, the founder of BoAt; JC Chaudhry, the founder of Aakash Educational Services; and the real estate company Elan Group, have also invested in properties at The Camellias.
The Camellias project has been a cash cow for DLF, bringing in a total value of Rs 12,000 crore. There are only 429 units up for grabs, and surprisingly, during the pandemic, DLF saw a spike in sales, surpassing the number of Camellias units sold in the previous two years.
The homes at DLF5 Golf Links on Golf Course Road not only offer a prime location but also boast some of the highest rental prices in the luxury and super-luxury categories throughout the country.
There’s a noticeable increase in rental demand in this neighborhood, especially from local expats, businessmen, top executives in Delhi NCR, and even potential homebuyers looking to shift from bungalows to upscale condominiums.
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