DLF expects its new luxury property in Gurugram to generate sales of Rs1,800 crore

27 Sep 2022 , 08:37 AM

According to Group Executive Director Aakash Ohri of DLF, a leading developer of real estate, a new luxury home complex would be built in Gurugram with an expected sales realization of over Rs1,800 crore.

The Grove, a project by DLF, has begun construction in phase 5 of the development. “We have started a brand-new project that will be a low-rise premium community with 292 homes. This project has an 8.5 lakh square foot total developable area “DLF Ltd.’s Group Executive Director and Chief Business Officer, Ohri.

He told reporters, “We are anticipating a sales revenue of Rs1,700-1,800 crore from this project,” but he would not reveal the amount of money invested in its creation. Ohri emphasized that the business has successfully introduced and sold independent floors worth Rs3,000 crore during the last 20 months.

“Previously, unorganized businesses served the independent flooring industry. But decent products from competent developers were always in demand “he stated. Ohri remarked that homes in DLF5 had shown the outstanding value and rental growth. DLF5 has 16 renowned premium, luxury, and super-luxury residential neighborhoods and is already home to more than 50,000 people.

Regarding DLF Ltd.’s entire sales bookings for the fiscal year 2022—2023, he stated that the business has previously provided guidance of Rs 8,000 crore, and “we will keep to it.”

Sales bookings for DLF increased from Rs3,084 crore to Rs7,273 crore in FY2021—22. DLF’s sales bookings increased to Rs2,040 crore in the first quarter of the current fiscal year from Rs1,014 crore in the same quarter last year.

DLF Ltd. unveiled a brand-new luxury home project in Panchkula, Haryana, last month with an estimated sales objective of Rs1,300 crore. In this project, the corporation will create 424 separate floors.

According to market capitalization, DLF is India’s largest real estate corporation. Over 153 real estate developments totaling 330 million square feet have been created by it. The business may build 215 million square feet in residential and commercial sectors. Over 40 million square feet are in the annuity portfolio of the DLF Group.

The Development Business of DLF consists mostly of the development and sale of residential properties as well as the development and leasing of commercial and retail assets (Annuity Business).

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