Smiti Agarwal, wife of Hemant Agarwal, CMD of V-Bazaar Retail, has bought a 10,800 square feet apartment at The Camellias by DLF in the Millennium City’s Golf Course Road for Rs 95 crore. She has paid an additional Rs 4.75 crore stamp duty.
ET had earlier reported about the first Rs 100 crore deal in the same complex.
According to documents accessed through CRE Matrix, a real estate data analytics firm, the family already lives in The Camellias and registry for the sale happened in January.
“DLF Golf Links, Gurgaon 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 Gurgaon. 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.
Hemant Agarwal did not respond to calls and text messages seeking comment.
Just a few months ago, the real-estate company was selling a similar sized apartment at Rs 60 crore, but per-square-foot rates for the exclusive address have surged in the past four months.
All three Golf Links projects — the Aralias, the Magnolias, and the Camellias — have witnessed significant price increases since last year.
The Aralias, which surged from Rs 12 – 12.5 crore in 2021 to Rs 27 crore onwards as of January 2024, The Magnolias from Rs 16 – 16.5 crore in 2021 to Rs 35.5 crore onwards in 2024. The Camellias skyrocketed from Rs 33-35 crore in 2021 to Rs 75 crore onwards in 2024 and The Crest escalated from Rs 7 – 8 crore in 2021 to Rs 15.5 crore onwards.
Approximately 15% of property owners at The Camellias have upgraded from ‘The Magnolias’ and ‘The Aralias’. Meanwhile, the majority of the buyers are from the Delhi NCR. Some of the prominent names who own property at The Camellias include Aman Gupta, founder of BoAt; JC Chaudhry, founder of Aakash Educational Services; and Elan Group, a real estate firm.
Many other startup founders have reportedly bought apartments in the property.
The Camellias, introduced less than a decade ago at Rs 22,500 per square foot, are currently commanding a selling price of over Rs 85,000 per square foot. Simply put, an apartment spanning 10,000 square feet and purchased in 2014 for Rs 23 crore, now costs nearly four times its original value — at Rs 85 crore.
The overall value of the project stands at Rs 12,000 crore, with only a limited number of 429 units offered for sale. Interestingly, during the pandemic, DLF experienced a surge in sales, surpassing the number of Camellias units sold in the previous two years.
