Realty major DLF sold the 292 luxury homes in Gurugram for more than Rs 1,800 crore within days of launching the project, indicating strong demand despite high mortgage interest rates and property prices on september 26 DLF has launched its "The Grove" project located in Phase 5 of the DLF in Gurugram, Haryana.
The company announced in major newspapers that "The Grove is now sold out."
According to sources, the entire project sold out within eight days of its release. The total sales revenue of this project exceeded Rs 1,800 crore.
Housing sales across all segments (affordable, middle income, high-end and luxury) rebounded significantly after the second wave of the COVID pandemic, which hit India during the period from April to June 2021.
"We have launched a new project that will be a low-rise luxury development consisting of 292 residences. The total developable area of this project is 8.5 thousand square feet," said Akash Ori, CEO and Chief Commercial Officer of DLF Group, in September. 26
“We expect sales revenue of Rs 1,700 to 1,800 crore from this project,” he said.
Ohri pointed out that the properties in the fifth phase of the DLF project showed an excellent appreciation in terms of value and rents. More than 50,000 residents already live in DLF5, which includes 16 acclaimed premium, luxury and super-luxury residential communities.
Regarding DLF Ltd's gross sales bookings for the 2022-23 financial year, he said the company had already provided guidance of Rs 8,000 crore, and "we will stick to that".
DLF's sales bookings increased to Rs 7,273 crore in FY2021-22 from Rs 3,084 crore in the previous year.
In the first quarter of this fiscal year, bookings for DLF sales doubled to Rs 2,040 crore from Rs 1,014 crore in the same period last year.
In August, DLF Ltd launched its new luxury residential project at Panchkula in Haryana, targeting around Rs 1,300 crore in sales revenue. The company will develop 424 independent flats in this project.
DLF is the largest real estate company in India by market capitalization. It has developed more than 153 real estate projects covering 330 million square feet.
The company has 215 million square feet of development potential in the residential and commercial segments.
DLF Group has an annual portfolio of more than 40 million square feet.
DLF is primarily engaged in the business of developing and selling residential real estate (development business), and the development and leasing of commercial and retail real estate (annuity business).
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