The real estate market is, for many, one of the prime indicators of how an economy is functioning. And after a slump in some parts, things perhaps are looking up for the industry, at least for some. As in a recent development, one of India's most renowned developers, DLF, has claimed to have sold a residential project in Haryana's prime city, Gurugram or Gurgaon. According to reports, the company sold apartments in its DLF Privana West project, worth over Rs 5,000 crore, in just a matter of three days.
Flats Worth Rs 5000 Crore Sold
DLF, seemingly elated about the development, even released an advertisement announcing the same. The advertisement in one of the country's most known business papers, The Economic Times, said, "Thank you, We are grateful for the enthusiastic response, We are sold out".
Many publications since then have carried the piece. Some of them have pegged the cumulative sale revenue attained at Rs 5,590. In this, each of these luxury 4 BHK flats is estimated to cost a whopping Rs 6.5 crore. Here, the value of one square foot is being pegged at Rs 19,500.
DLF Shares also Jump
According to reports, in all, the company managed to sell 795 apartments in about 72 hours.
Some online have reacted to the news, expressing their astonishment in the matter. Many attribute this to a certain kind of FOMO, or 'fear of missing out' on getting the right deal. Others pointed towards a supposed real estate bubble.
This also appears to have had an impact on their number on the share market as well. The DLF company shares, listed NSE, that suffered a 4.65 decline over the past week, have recovered from the mini-slump. As of Thursday, 9 May, DLF shares were trading in green with a 0.29 per cent gain, with each individual share price being worth Rs 855.
