India, April 18 -- At a time when luxury housing has become one of the strongest themes in Indian real estate, DLF is taking that trend to an even higher level with The Dahlias in Gurugram. This is not a typical residential launch built around volume sales or broad affordability. It is a super-luxury project aimed at a far narrower and much wealthier buyer base. That also makes it one of the most closely watched projects in the company's pipeline.

Yet, despite the excitement around the project and the large value of sales already booked, its contribution to reported earnings has still not started showing up in the numbers. That is what makes The Dahlias so interesting. It is already important to DLF's growth story, but much of that imp...