DLF to invest Rs 5500cr to build new luxury housing project in Gurugram
Realty major
DLF Ltd
will invest around Rs 5,500 crore to develop a luxury housing project in Gurugram, as it seeks to achieve record sales bookings this fiscal on high demand.
According to sources, the company will soon launch an 18-acre project 'DLF Privana North' in Sector 76/77 Gurugram, comprising more than 1,150 apartments.
The estimated cost to develop this project is around Rs 5,500 crore, they added. This upcoming project is part of its 116-acre township 'DLF Privana'.
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In this township, the company had last year launched and completely sold out two projects -- 'DLF Privana West' and 'DLF Privana South' -- for around Rs 12,800 crore.
In May 2024, DLF sold all 795 apartments for Rs 5,590 crore within three days of the launch of its 12.57-acre project 'Privana West'.
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Before that, in January 2024, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project 'DLF Privana South', which is spread over 25-acre.
The new project will be the third one in this large township.
DLF, the country's largest real estate firm in terms of market capitalisation, reported record sales bookings of Rs 21,223 crore in 2024-25, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year.
DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in the same range as last financial year.
To achieve this target, DLF plans to launch housing properties worth more than Rs 17,000 crore this fiscal year amid strong demand for luxury homes.
Last month, Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd, informed analysts that the company targets to launch this new project Privana North in the current quarter.
In its latest investors presentation, DLF informed that the company launched a 7.5 million square feet area during the last fiscal for sale with an estimated revenue potential of Rs 40,600 crore.
Out of this, the company sold 5 million square feet area in the last financial year itself for Rs 19,344 crore.
In the 2024-25 fiscal, DLF launched its super luxury project 'The Dahlias' with a total saleable area of 4.5 million sq ft area and sales potential of Rs 35,000 crore.
Last month, DLF said the company has received encouraging demand for The Dahlias project, generating Rs 13,744 crore worth of sales bookings during the last fiscal.
The company remains optimistic about the sustained housing demand and would continue to capitalize on this momentum by introducing calibrated offerings of new products from a strong and well-diversified pipeline.
DLF's net profit increased to Rs 4,366.82 crore during 2024-25 fiscal from Rs 2,723.53 crore in the preceding year. Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year. PTI MJH MR
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