DLF Sells $1 Billion of Luxury Homes in Three Days

(Bloomberg) -- A top Indian developer sold 1,137 apartments that cost almost a million dollars each in three days suggesting that wealthy Indians are ramping up realty investments.

DLF Ltd. raised more than 80 billion rupees ($970 million) from the sale of the luxury apartments in the development at Gurugram, near New Delhi, the company said in an exchange filing on Thursday. All units at the project, which will have five towers spread over 25 acres (10 hectares), are sold out, the developer said.

Well-off Indians are buying more of everything from luxury cars to pricey homes as their wealth surges. Nine out of 10 ultra-high-net-worth individuals saw their wealth increase in 2022, according to a Knight Frank report in January, which listed real estate among the top areas of investments for them.

Still, the so-called home-buying affordability, which measures monthly repayment on loans to total income ratio, for an average household in the South Asian nation saw an annual decline in 2022, the property consultancy firm said in a report. More than 95% of the buyers at the Gurugram property are individuals who have bought into the project for their end usage, according to the DLF statement.

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