Business strategy

DLF Sells 292 Luxury Homes in New Project at Gurugram for Over Rs 1,800 Crore

Realty major DLF has sold all 292 luxury homes in Gurugram for over Rs 1,800 crore within few days of the launch of the project, signalling strong demand despite rise in interest rate on home loans and property prices. On September 26, DLF had launched its project ‘The Grove’ located at DLF phase-5 in Gurugram, Haryana.

The company has advertised in leading newspapers that “‘The Grove’ is now sold out”.

According to sources, the project has been completely sold out in just eight days of the launch. The total sales revenue from this project is over Rs 1,800 crore.

Housing sales across all segments — affordable, mid-income, luxury and super luxury — have revived significantly after the second wave of the COVID pandemic, which hit India during April-June 2021.

“We have launched a new project which will be low-rise luxury development comprising 292 residences. The total developable area in this project is 8.5 lakh square feet,” DLF Group Executive Director and Chief Business Officer Aakash Ohri had said on September 26.

“We are expecting a sales revenue of Rs 1,700-1,800 crore from this project,” he had said.

Ohri had noted that properties in DLF phase-5 have shown excellent appreciation in value as well as rentals. More than 50,000 residents already live in DLF5, which features 16 acclaimed premium, luxury and super-luxury residential communities.

On the overall sales bookings of DLF Ltd for 2022-23 fiscal year, he had said that the company has already given guidance of Rs 8,000 crore, and “we will stick to that”.

DLF’s sales bookings rose to Rs 7,273 crore in FY2021-22 from Rs 3,084 crore in the previous year.

In the first quarter of this fiscal, DLF’s sales bookings doubled to Rs 2,040 crore from Rs 1,014 crore in the year-ago period.

In August, DLF Ltd launched its new luxury housing project at Panchkula in Haryana, and is targeting about Rs 1,300 crore sales revenue. The company will develop 424 independent floors in this project.

DLF is India’s largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 million square feet.

The company has 215 million square feet of development potential across the residential and commercial segments.

The DLF Group has an annuity portfolio of over 40 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (development business), and the development and leasing of commercial and retail properties (annuity business).

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