To capitalize on the increasing demand for high-end flats, real estate giant DLF Ltd intends to unveil a luxury housing project in Gurugram next month with an estimated sales revenue of over Rs 7,500 crore.
In this residential project, the business intends to build about 1,100 flats, according to DLF Group Executive Director and Chief Business Officer Aakash Ohri, who spoke to PTI.
“In Sector 63 Gurugram, we want to debut a high-end residential building the following month. This project’s expected sales realization is in the neighborhood of Rs. 7,500 crores “said he.
In terms of market capitalization, DLF is the largest real estate company in the nation. From April through December of the current fiscal year, sales bookings increased by 45% to Rs 6,599 crore, and the company is on course to meet its annual sales target of Rs 8,000 crore.
In the prior year, DFL’s sales bookings were Rs 4,544 crore.
This fiscal year, DLF has begun construction on residential projects in Chennai, Delhi, Gurugram, and Panchkula.
Ohri said that the business has provided an estimate of Rs 8,000 crore for 2022–23 fiscal and is likely to accomplish it comfortably when asked about sales bookings for the full fiscal.
“There is a huge demand. Real estate may be bought by anybody who has the means to do so. Customers desire financial security. Consequently, they are increasingly investing in real estate projects created by reputable developers like us “added Ohri.
During the months of October through December, DLF had one of the largest quarterly new sales bookings of Rs 2,507 crore, representing a 24% increase year over year.
DLF said on Wednesday that its consolidated net profit for the three months ended in December 2022 increased by 37% to Rs 519.21 crore. Its net profit during the prior fiscal year was Rs 379.48 crore.
However, compared to the same period last year, when it earned Rs 1,686.92 crore, its overall revenue dropped to Rs 1,559.66 crore in the third quarter of the current fiscal year.
A joint venture between DLF and Singapore’s government wealth fund GIC, DLF Cyber City Developers Ltd. (DCCDL) holds the majority of the rent-earning commercial properties. DLF owns roughly 67 percent of the joint venture.