Apartments in the heart of New Delhi — off Africa Avenue close to uber-prime Chanakyapuri — have been auctioned for anywhere up to Rs 89,061 per square foot (super area) with 213 4-BHK units selling between Rs 19 crore and Rs 42 crore. New Delhi: Move over Gurgaon. On carpet area pricing, this matches some of the most ultra-luxury apartments in Gurgaon.
NBCC (India) Ltd Friday said it had realised a sale value of about Rs 5,191 crore from the e-auction of premium residential units at Avenue Towers on Africa Avenue. Gaurav Gupta , founder of real estate consultancy ReraTracker, said, “There were 262 units on auction, of which the process for 49 units was cancelled. So 213 4-BHK units in three sizes — 4,239, 4,339 and 4,779 sq ft (all super area) — were on auction. The smallest ones were sold for up to Rs 70,000 per sq ft, ranging between Rs 19 crore and Rs 28 crore. The second ones were sold for up to Rs 75,000 per sq ft, ranging between Rs 19.5 crore and Rs 32 crore. ” The biggest size of 4,779 sq ft, also the most prime-located, fetched up to Rs 89,000 per sq ft, going in the range of Rs 24 crore to Rs 42 crore.
The Navratna CPSE under the Union ministry of housing and urban affairs said this was the “highest sale value NBCC has ever recorded in a single residential e-auction”. “The prices are comparable to some of the most expensive highrise residences in NCR, and some units match price of (most premium apartments in) Gurgaon on per sq ft (carpet area) basis,” said Gupta. There is no dearth of money when property and location are genuinely scarce,” Gupta said.
“This is what scarcity does to real estate. Buyers are willing to pay extraordinary premiums for a gated community in central Delhi, larger apartments and an exclusive neighbourhood,” he added. “The restriction on resale until possession has further filtered out short-term speculators, leaving predominantly end users and long-term investors.