Berkshire's Ajit Jain Buys Rs 85 Cr Luxury Home

The Camellias, a ultra-luxury development by DLF Gurugram, is still attracting the richest buyers in India, solidifying the long-term demand of trophy homes among billionaires and non-resident Indians (NRIs).

The most recent deal of high profile status is that of Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, headed by Warren Buffett. 

Key Highlights

• Ajit Jain buys Camellias flat for Rs 85 crore.
• Deal sets Rs1.10 lakh per sq ft benchmark.
• Trophy home demand stays strong in Gurugram.

Kshitij Jain, the Founder of Rizin Advisory Pvt Ltd, says that Ajit Jain bought a 7,400 sq ft flat at an approximate of 85 crore per square foot which had set a record of close to 1.10 lakh per sq ft on the introductory configuration. The documentation is concluded last week and the purchase is known to be end use and Jain is expected to spend more days in India with the family.

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The Camellias is located over 17.5 acres and is considered to be one of the most exclusive residential locations in India giving hotel-style managed residence. Introduced in 2014 at a price of 22,500 per sq ft as bare-shell units, the project has enjoyed a very high capital appreciation, with current rentals on the same size apartments ranging to 17 lakh per month.

According to industry sources, NRIs make up 1520 percent of buyers due to lifestyle preference, long term investment outlook, and geopolitical uncertainties that force high-net worth individuals to have a base of residence in India.