DLF to invest ₹23,500 cr to complete ongoing housing projects in NCR, Mumbai
₹ 23,500 crore to complete its residential projects that have already been launched across Delhi-NCR and Mumbai. (Representational photo)(HT Photo)
According to an investor's presentation, the "total pending cost" to complete all launched projects is estimated at ₹23,500 crore.
To meet its pending construction spend, DLF mentioned that the company has a cash balance of ₹10,429 crore, of which ₹7,782 crore is parked in the escrow account of the Real Estate Regulatory Authority (RERA).
That apart, the company has receivables of ₹37,220 crore from its customers against residential properties sold to them.
In a recent conference call with market analysts, DLF Group Chief Financial Officer (CFO) informed that the company invested around ₹750 crore in construction during the first quarter of this year. He said the number would go up slightly in the coming quarters.
Post-COVID pandemic, DLF has launched many residential projects in Delhi-NCR, Mumbai and the tri-city of Chandigarh.
During the current July-September quarter, DLF Ltd and Trident Realty launched a housing project comprising 416 flats in Mumbai and also sold all units for around ₹2,300 crore.
In the first quarter, the company launched and sold all 1,164 luxury apartments for about ₹11,000 crore in its new housing project 'DLF Privana North' in Gurugram. This project is part of its 116-acre township.
Last year, DLF had in this township launched and completely sold out two projects -- 'DLF Privana West' and 'DLF Privana South' -- for around ₹12,800 crore.
These new launches have helped DLF in achieving record sales bookings during the last fiscal year, and the company is targeting to repeat its performance.
DLF's sales bookings stood at a record ₹21,223 crore in the last fiscal as against ₹14,778 crore in the 2023-24.
During the 2022-23 fiscal, the company's sales bookings stood at ₹15,058 crore.
For the current financial year, DLF has given a sales bookings guidance of ₹20,000-22,000 crore, and it has already sold properties worth ₹11,425 crore in the first quarter of this fiscal.
DLF Group is primarily engaged in the business of the sale of residential properties (development business) and leasing of commercial and retail properties (annuity business).
The Group has developed more than 185 real estate projects comprising a total area of more than 352 million sq ft. It also has an annuity portfolio of 46 million sq ft.
DLF has 280 million sq ft of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.
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