DLF logo.
Credit: Reuters File Photo
New Delhi: 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).