DLF to Build Luxury Housing Project in Gurugram, Eyes Rs 25,000 Cr Revenue

New Delhi, May 15 (PTI) Realty major DLF Ltd will develop a super luxury housing project on Golf course road, Gurugram, comprising over 400 apartments, with an estimated revenue potential of around Rs 25,000 crore, a senior company official said on Wednesday.

In an interview with PTI, DLF's subsidiary DLF Home Developers Joint Managing Director Aakash Ohri said the super luxury project, spread over 17 acre in DLF phase-5, is expected to be launched in the second or third quarter of 2024-25 financial year.

"Super luxury residential segment is an important business for us," he said.

Ohri said the upcoming ultra-luxury project, the next after its completed project 'The Camellias', will have about 420 apartments with the total developable area of around 50 lakh square feet. The size of each apartments will range from 9,500 square feet to 15,000 square feet.

Asked about the project cost, he said it is being finalised.

A huge expenditure would be spend on infrastructure facilities, landscaping, including an artificial lake, and other luxury amenities.

Ohri said the construction work will start this fiscal year and the project is expected to be completed in the next 4-5 years.

"The total gross development value of this project is currently estimated at more than Rs 25,000 crore," he said.

DLF would not launch all units at "one go" and would rather sell these properties in phases, Ohri said, adding that "we will not be compromising on the price point and also the quality of customers".

He noted that the living standards and amenities in this upcoming project would be better than its completed project 'The Camellias'.

Recently, a flat was sold for more than Rs 100 crore in 'The Camellias' in the secondary (re-sale) market. The price on carpet area basis is more than Rs 1.25 lakh per square feet in this project.

Ohri said the company has set a 15 per cent growth target in sales bookings this fiscal at Rs 17,000 crore as it plans to launch many luxury housing projects across Gurugram, Goa and Mumbai.

He noted that the housing demand continues to be strong, especially for reputed brands. The demand from non-resident Indians (NRIs) is also very healthy.

Already, in this fiscal, DLF launched one luxury housing project in Gurugram. It has sold all 795 apartments for Rs 5,590 crore within three days of the launch.

DLF's sales bookings fell 2 per cent annually to Rs 14,778 crore in the last fiscal from a record Rs 15,058 crore a year ago.

Out of the total sales bookings last fiscal, 82 per cent contribution came from new launches. Its luxury housing project 'DLF Privana South' at Sector 76/77, Gurugram contributed Rs 7,200 crore.

The company achieved sales bookings of around Rs 1,200 crore from Chandigarh Tri-city. It also sold commercial SCOs (shop-cum-office) for about Rs 1,240 crore. Independent floors in Gurugram were sold for Rs 1,215 crore. Sales worth Rs 1,580 crore were clocked in its project 'The Camellias'.

DLF also sold a land parcel in Chennai for Rs 735 crore.

On Monday, DLF reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March as against Rs 570.01 crore in the year-ago period.

Total income rose to Rs 2,316.70 crore in the fourth quarter of the 2023-24 fiscal from Rs 1,575.70 crore in the corresponding period of the previous year.

During the 2023-24 fiscal, the company's net profit increased to Rs 2,727.09 crore from Rs 2,035.83 crore in the preceding year.

Total income grew to Rs 6,958.34 crore during the last fiscal from Rs 6,012.14 crore in the 2022-23 financial year.

DLF is the country's largest real estate firm in terms of market capitalisation.

It 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 future development potential across residential and commercial segments.

It is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business). The group has an annuity portfolio of over 44 million square feet with an annual rental income of more than Rs 4,000 crore.