Reacting to an X consumer’s put up on DLF’s upcoming venture in Gurugram, netizens argued that it’s cheaper to purchase actual property overseas, together with Dubai’s Burj Khalifa.
A latest social media put up by X consumer Abhinav Kukreja on actual property developer DLF’s upcoming venture in Gurugram has left netizens evaluating property costs throughout the globe, together with Dubai, Italy and Los Angeles.
Kukreja’s put up revealed that the smallest unit within the venture – The Dahlias on Golf Course Street in Gurugram – measuring about 9,500 sq. ft in dimension is predicted to be offered at ₹80,000 per sq. ft.
“Because of this there’s now a constructing in Gurgaon the place the most cost effective house prices ~ ₹75Cr ($9m),” he elaborated.
Based on Kukreja, the venture can have a complete of 400 items, that are anticipated to promote for ₹34,000 crore collectively.
In Might this 12 months, DLF had stated that it plans to take the Camellias’ tremendous luxurious story to the subsequent stage in Gurugram. Having constructed on the Camellias story in Gurugram, “We are actually able to forge forward with Lux5 in Q3, 2024 and the value factors are anticipated to be fairly increased, a lot increased than Magnolias which is presently buying and selling round ₹40 crore. The Lux 5 venture can be anticipated to be extra luxurious than Camellias. It is going to be a ‘Solely by Invitation’ product,” the corporate had stated.
Dubai versus Gurugram
Reacting to the put up, one of many X customers stated: “That is 5-10 occasions cheaper in Dubai fml.” To this, one other consumer commented, “Yup, at round 1 / 4 of this tag, discovered a number of locations simply as luxurious.”
A easy on-line seek for properties in a number of the most prime places in Dubai reveals a plethora of choices throughout a number of configurations below the vary of ₹75 crore.
Some localities inside Dubai in style amongst international property consumers embrace Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands and Emirates Hills. Areas like Dubai Marina, Downtown Dubai, and the rising District 2020 are additionally identified for his or her luxurious and ultra-luxury branded residences.
As per Housing.com, in the course of the third quarter of 2024, the typical property pricing in Gurugram stood at ₹12,000 – ₹12,900 per sq. ft. Nevertheless, on Golf Course Street, reportedly the poshest locality within the satellite tv for pc metropolis, the typical worth per sq. ft ranged between ₹22,500 – 27,100.
Based on proptech unicorn NoBroker, a 1 BHK unit in Gurugram presently instructions a mean worth of ₹50 lakh. For a 2 BHK, the pricing stands at ₹90 lakh, whereas a 3 BHK prices ₹1.5 crore on common.
Also read: Trevoc Royal Residences: A Luxurious Haven in the Heart of Gurgaon
Dubai property costs
Based on knowledge sourced from property consultancy JLL, the approximate per sq. ft property worth in Jumeirah Golf Property and Arabian Ranches presently vary between ₹41,196 – 45,774. In Dubai Hills it stands at ₹36,619 – 45,774 per sq. ft.
Within the upscale localities of Emirates Hill and Palm Jumeirah costs per sq. ft range between ₹57,217 – 68,661 and ₹1,02,991 – 1,19,012, respectively.
Total, the typical house worth in Dubai is about $760,000 ( ₹63.88 crore), per JLL. The actual property value nonetheless depends upon the property’s location, the development stage, the residing space, the end high quality, in addition to the services of the residential complicated, the advisor stated.
The method of buying actual property Dubai will not be too sophisticated, identified Ritesh Mehta, Senior Director, and Head (North and West), residential companies and developer initiative, JLL India. “ consumers solely want a passport copy to begin the acquisition. This simplicity makes Dubai a pretty possibility for buyers who need to enter the market with ease,” he stated.
Moreover, proudly owning property in Dubai can result in eligibility for the Golden Visa, if the full worth of the property/properties is 2 million dirhams (about ₹5 crore) or extra.
Dubai additionally gives a tax-free surroundings on private earnings and capital beneficial properties, which is extremely enticing to Indian buyers accustomed to increased tax charges.
Also read: TARC Ishva: Luxury Living in the Heart of Gurgaon
“Cheaper to purchase housing overseas,” netizens say
Kukreja’s put up initiated a dialogue on property costs in Gurugram, India’s bigger actual property sector and the way it compares with markets around the globe.
“Our actual property is uncontrolled. One thing wants to alter. Pound for pound, It is cheaper to purchase housing overseas than in India,” one of many customers wrote.
“You may get sea dealing with view in Italy (at) the identical worth with a lot better services,” a second consumer commented.
A 3rd stated: “For 1.2m you possibly can get an condo in Manhattan close to Instances Sq..”
“I’ll make investments half of that in (the) UK and get citizenship,” one more consumer quipped.
