DLF on Monday announced the sale of entire 1,113 luxury flats in a project in Gurugram for Rs 7,200 crore within three days of pre-launch on strong demand from end-users and investors including NRIs.
Within a year, this is the second successful launch of a residential project from DLF in the Gurugram market. In March last year, DLF Ltd had sold 1,137 luxury apartments in its housing project ‘The Arbour’ in Gurugram for over Rs 8,000 crore.
In a regulatory filing on Monday, DLF announced “pre-formal launch sales of approximately Rs 7,200 crore for its latest luxury residential development, DLF Privana South in Gurugram.” The new project, spread over 25 acre in Sectors 76 and 77, Gurugram, comprises 1,113 luxury residences across 7 towers. There are 14 penthouses and rest are apartments.
“This luxury residential offering by DLF was sold out within 72 hours, in its pre-launch phase,” DLF said. The size of each apartment would be some 3,500 square feet. The new project will be part of a larger development, ‘DLF Privana’ spread over 116 acre.
In an interview with PTI, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, said, “The company pre-launched this new project last month. The entire project was sold out within three days December 22-24.” He said the company received expression of interests (EOIs) from around 4,600 customers.
The selling price was Rs 18,000 per square feet. The price of apartments ranged between Rs 6.25-7.5 crore. Penthouses cost Rs 11-14 crore each. “We have received very good demand from across India and NRIs. Indian diaspora has booked 25 per cent of the units offered,” Ohri said.
Out of the total units, he said around 85 per cent are end-users and 15 per cent investors. On the operational performance, DLF had sold properties worth Rs 4,268 crore in the first half of this fiscal. In December, DLF had announced sale of Rs 1,400 crore worth independent floors and shop-cum-offices plots in Panchkula and Gurugram.
With this fresh sale of Rs 7,200 crore, DLF’s sale bookings in the third quarter is estimated to touch Rs 9,000 crore. In the first nine months, the sale bookings would cross Rs 13,000 crore, beating the annual guidance given by the company for the full 2023-24 fiscal.
In the last financial year, DLF had sold properties worth Rs 15,000 crore, highest among all listed entities. “The swift pre-launch sellout serves is a testament to the increasing demand for high-rise luxury developments by DLF…,” Ohri said.
He said the company would start construction of this project, comprising 4 million square feet area, in the next 4-5 months. To discourage bulk bookings, DLF said each buyer was allotted only one unit, with about 25 per cent of the sales coming from Non-Resident Indians (NRIs), and a booking amount of Rs 50 lakh. Ohri highlighted that the market rate in ‘The Arbour’ project has increased to Rs 21,000 from Rs 18,000 per square feet.
DLF has developed more than 158 real estate projects and an area in excess of 340 million square feet. DLF Group has 215 million square feet of development potential across residential and commercial segment. The group has an annuity portfolio of over 42 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).
The reason why DLF is building a township in Gurugram
Due to a surge in demand for mid-income and luxury houses, Gurugram witnessed a 13% rise in its housing sales in 2023. Whereas, a 7-8% fall in the sale of housing property in Noida and Greater Noida indicated a slump in the real estate industry in these cities, according to Anarock data released for the Delhi-NCR market. According to the data, the sales of residential properties in Gurugram increased by 13% to 36,970 in 2023 from 32,615 units in the previous year.
Positive consumer sentiment and the developmentof various infrastructure projects are the prime reasons behind the rise in housing sales in Gurugram, according to realty firms like Signature Global, TARC Ltd, and Elan Group.
Pradeep Aggarwal, founder and chairman of Signature Global, said, “Gurugram’s real estate market is witnessing a surge in demand for the mid-income and luxury homes, driven by young professionals and nuclear families seeking an aspirational and convenient lifestyle.
In addition to this, bustling development in the area with good connectivity and availability of malls, schools, etc has led to an increase in the interest of buyers. Hotspot zones like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road are drawing huge buyer interest, fueling double-digit capital value jumps, he said.
“Delhi NCR’s real estate landscape, especially Gurugram, is witnessing a renaissance, defying market challenges and illustrating robust demand,” said Amar Sarin MD and CEO of TARC Ltd.
Strong infrastructure makes Gurugram the most preferred choice of buyers within the NCR region, believes Ravish Kapoor, Managing Director of Elan Group.
