May 16, 2024 |
DLF to Develop Rs 25,000 Crore Luxury Housing Project in Gurugram
DLF Ltd, a leading real estate developer, has announced plans to develop a super luxury housing project on Golf Course Road in Gurugram. The project, spanning over 17 acres in DLF Phase-5, is expected to comprise more than 400 apartments, with an estimated revenue potential of around Rs 25,000 crore. Aakash Ohri, Joint Managing Director of DLF Home Developers, a subsidiary of DLF Ltd, shared details of the project in an interview with PTI.
Luxury Redefined
Ohri emphasized the significance of the super luxury residential segment for DLF, stating, “Super luxury residential segment is an important business for us.” The upcoming project, following the success of ‘The Camellias,’ will feature approximately 420 apartments, with each unit ranging from 9,500 square feet to 15,000 square feet, offering unparalleled luxury living.
Strategic Approach
DLF plans to adopt a phased approach for the project, with construction set to begin in the current fiscal year. Ohri confirmed, “We will not be compromising on the price point and also the quality of customers.” The company aims to sell the properties in phases, ensuring a steady and controlled rollout.
Strong Demand and Growth
The demand for luxury housing remains strong, especially for renowned brands like DLF. Ohri expressed confidence in the market, stating that the company has set a 15 per cent growth target in sales bookings for the current fiscal year, amounting to Rs 17,000 crore. DLF plans to launch several luxury housing projects across Gurugram, Goa, and Mumbai.
Financial Performance and Future Outlook
DLF reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March, with total income rising to Rs 2,316.70 crore. For the 2023-24 fiscal year, the company’s net profit increased to Rs 2,727.09 crore from Rs 2,035.83 crore in the preceding year, with total income growing to Rs 6,958.34 crore from Rs 6,012.14 crore.
About DLF
DLF is the country’s largest real estate firm in terms of market capitalization, with a track record of developing over 158 real estate projects spanning an area in excess of 340 million square feet. The group has a future development potential of 215 million square feet across residential and commercial segments, along with an annuity portfolio of over 44 million square feet with an annual rental income exceeding Rs 4,000 crore.
DLF’s new luxury housing project in Gurugram exemplifies the company’s commitment to delivering exceptional living experiences and capitalizing on the strong demand in the luxury real estate market.
Source : ET
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