In response to robust demand for upscale residences, renowned real estate player DLF Ltd is all set to introduce two opulent housing projects worth ₹15,000 crore in Gurugram during the latter part of this financial year. The company’s Managing Director, Ashok Kumar Tyagi, as cited by news agency PTI, revealed this strategic move.
Following the noteworthy accomplishment of selling flats worth ₹8,000 crore within just three days. In February, in their new venture ‘The Arbour’ in Gurugram. Tyagi disclosed that DLF has set an ambitious target of achieving sales bookings amounting to ₹13,000 crore. For this fiscal year, with hopes of surpassing this figure. During the previous financial year of 2022-23, DLF achieved sales bookings worth ₹15,058 crore. Marking a significant increase from the prior year’s ₹7,273 crore.
Tyagi also provided insights into the broader housing market, highlighting the strong demand for ultra-luxury, luxury, and mid-income residential properties. However, he did acknowledge some strain in the affordable housing sector due to rising interest rates on home loans and escalating housing prices.
Elaborating on their plans, Tyagi shared, “For this fiscal year, the company has lined up a launch pipeline worth ₹20,000 crore. The launches for this year will be predominantly driven by two projects in Gurugram: one on Southern Peripheral Road (SPR) and the other on Golf Course Road.”
The estimated sales booking value for these upcoming projects in Gurugram collectively amounts to around ₹15,000 crore, considering that DLF possesses the necessary land parcels for these initiatives in Gurugram.
About DLF other Projects:
In addition to this, Tyagi disclosed that the company is also gearing up to unveil a residential tower in its Moti Nagar project, as well as one each in the Tricity of Chandigarh and Mumbai, within this fiscal year. However, he did mention that launches in Chennai and Goa might spill over into the following fiscal year.
Earlier in the month, Singh divested his remaining stake in DLF for approximately ₹731 crore. Notably, DLF recently reported a 12 percent upswing in consolidated net profit. Amounting to ₹527 crore, during the initial quarter of this fiscal year. This marks an increase from the net profit of ₹469.57 crore in. the corresponding period of the previous year.
Total income showed a marginal rise, reaching ₹1,521.71 crores in the April-June period. The 2023-24 fiscal year, as compared to ₹1,516.28 crore in the same period of the preceding year. Notably, DLF’s net debt stood at ₹57 crore as of June 30, 2023. Witnessing a significant decrease from ₹721 crore at the conclusion of the 2022-23 fiscal year.
