DLF's new luxury project in Gurugram sold out in 3 days

9 May 2024 , 11:01 AM

Real estate giant DLF announced on Thursday that, in response to high customer demand, it sold all 795 of the apartments in its new luxury housing project in Gurugram for a total of ₹5,590 Crore in just three days.

The business announced the completion of its most recent luxury residential project, DLF Privana West, “achieving remarkable sellout valued at approximately ₹5,590 Crore, within 3 days,” in a regulatory filing. The new complex has 795 flats distributed across 12.57 acres.

Within three days of the debut of its 25-acre property, “DLF Privana South,” the business sold 1,113 luxury apartments in Gurugram for ₹7,200 Crore in January of this year.

The 116-acre “DLF Privana” township, which is situated in Sectors 76 and 77, includes both “DLF Privana West” and “DLF Privana South.”

According to Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd., “DLF Privana West emerges as the next chapter in this story, meticulously designed to cater to discerning homebuyers’ aspirations for spacious, luxurious abodes within a vibrant, well-connected community, following the overwhelming success of DLF Privana’s inaugural project, DLF Privana South.”

In this new complex, he noted, a significant number of the flats had been purchased by NRIs.

“Our aspiration with DLF Privana and its associated projects is to emulate the success of DLF Phase 5, by curating an integrated ecosystem of luxury residences amidst abundant greenery, fulfilling the most coveted lifestyle requisites.”

In just three days in March of last year, DLF sold 1,137 opulent apartments in its Gurugram housing project for more than ₹8,000 Crore. The flats were priced at ₹7 Crore and above.

The demand for residential properties in the Gurugram property market has grown significantly, pushing up prices. Thus far, demand has persisted in spite of the significant price increase.

Due to pent-up demand and growing expectations for homeownership, India’s housing market, which includes the country’s top seven largest cities, has been functioning quite well overall since the COVID pandemic.

Based on market capitalization, DLF is the top real estate developer in India.

DLF has created more than 158 real estate projects and more than 340 million square feet of development space.

Future development potential of 215 million square feet is available to the DLF Group in both the residential and commercial divisions.

The group has more over 42 million square feet in its annuity portfolio.

The two main business ventures of DLF are the development and leasing of commercial and retail premises (the “Annuity Business”), as well as the development and sale of residential properties (the “Development Business”).

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