Realty major DLF has sold all 292 luxury homes in Gurugram for over Rs 1,800 crore within days of the project’s launch, indicating strong demand despite a hike in interest rate on home loans and property prices. DLF had launched its project ‘The Grove’ on 26 September at DLF Phase-5 in Gurugram, Haryana.
The company advertised in major newspapers that “‘The Grove’ is now sold out”. According to sources, the project is completely sold out in just eight days of launch. The total sales revenue from this project is over Rs 1,800 crore.
Housing sales across sectors – affordable, middle-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 started a new project which will be a low-rise luxury development with 292 dwellings. The project has a total developable area of 8.5 lakh sq ft,” said DLF Group Executive Director and Head Business Officer Akash Ohri said on September 26.
“We are expecting sales revenue of Rs 1,700-1,800 crore from this project. Ohri had noted that the properties in DLF Phase-5 have shown excellent appreciation in value as well as rental. Over 50,000 residents already live in DLF5, which has 16 acclaimed premium, luxury and super-luxury residential communities.
On DLF Ltd’s total sales booking for the 2022-23 financial 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 increased to Rs 7,273 crore in FY 2021-22 from Rs 3,084 crore in the previous year.
DLF’s sales bookings doubled to Rs 2,040 crore in the first quarter of the current fiscal from Rs 1,014 crore in the year-ago period. In August, DLF Ltd. launched its new luxury housing project in Panchkula, Haryana, and is targeting sales revenue of around Rs 1,300 crore. The company will develop 424 independent floors in this project.
DLF is the largest real estate company in India in terms of market capitalisation. It has developed over 153 real estate projects covering 330 million sq ft. The company has a development potential of 215 million square feet in residential and commercial sectors.
DLF Group has an annuity portfolio of over 40 million sq ft. DLF is primarily engaged in the business of development and sale of residential properties (development business), and development and leasing of commercial and retail properties (annual business).
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