NEW DELHI: Economic hard times are unmistakably easing for the realty industry and market leader DLF is signalling this change with an ultra-luxurious housing project in Shimla, where it would sell only to the elite.
From a market that has been driven by affordable housing ever since recession hit the world in 2008, DLF's new project - 'Sama' homes - will see a marked shift in pricing, an indication that demand for high-end housing is returning and returning strong.
According to sources, DLF, the country's largest realty firm, will develop about 170 villas, 100 apartments and hotels across Shimla, Kasauli and Goa at an investment of Rs 500 crore.
A source familiar with the project said: "The company will sell 24 villas costing about Rs 3 crore in Shimla purely on invitation to the very elite in the society to maintain a like-minded profile of residents."
When contacted, DLF India Vice Chairman Mohit Gujral confirmed that the company would be launching a new series of luxury housing projects under the brand 'Sama', but did not give other details.
Samatara-Shimla, Samavana-Kasauli and Samaraya-Goa will be part of the Sama series, he added.
At the height of the economic crisis, DLF too entered the mid-income housing segment when it came out with apartments in central Delhi for as low as Rs 50 lakhs.
Sama homes would be designed by Mohit Gujral, who is renowned for combining luxury with functionality, and the project would be set in lush green forests in Shimla and Kasauli, and by the sea in Goa.
The hotel and villas at Kasauli would be managed by global hospitality chain Hilton, while the company is in talks with some Asian hotel chain for managing villas and hotels at Goa, sources said.
Though the company has not fixed the price of villas and apartments so far, it is likely to be in the vicinity of Rs 3 crore for the Sama homes in Shimla, sources said, adding that allotment of houses would be on invitation only.
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