MakeMyTrip’s CEO Rajesh Magow and Genpact’s CHRO Piyush Mehta have purchased an apartment at The Magnolias by DLF in the Millennium City’s Golf Course Road for around Rs 33 crore each in two separate transactions.
All three Golf Links projects — the Aralias, the Magnolias, and the Camellias — have witnessed significant price increases since last year as same sized apartment was sold at Rs 19 crore in October 2022.
According to documents accessed through CRE Matrix, both the apartments are around 6,500 sq ft in size and Rajesh Magow has bought it for Rs 33 crore and Piyush Mehta has bought it for Rs 32.6 crore.
Genpact declined to comment while Magow did not respond to the text message and call.
According to industry experts, the apartment at DLF Golf Links are in high demand with host of CEOs, start up founders and businessmen living there, making it the most coveted address of the NCR.
This remarkable surge in luxury real estate prices in Gurgaon and Delhi’s tony areas has brought the rates of high-end apartments in the glitzy southwestern suburb and bungalows in Lutyens zone on a par with Mumbai’s prestigious neighbourhoods.
In the National Capital Region (NCR) that includes Delhi and its suburbs such as Noida and Gurgaon, property experts are now drawing comparisons between the Camellias and Delhi’s esteemed Lutyens zone, the latter being the home of the country’s top business magnates and political elite.
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.
The Camellias project has been a money spinner for DLF. 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.
DLF5 Golf Links residences located on Golf Course Road also command some of the highest rentals in the luxury and super-luxury segments across the country.
The demand for rentals in this area has witnessed a notable surge from regional expatriate residents, businessmen, CXOs based in Delhi NCR, and even prospective homebuyers who seek to transition and upgrade from bungalows to high-rise condominiums.
