DLF Sells Entire Luxury Project in Gurugram in Three Days
DLF Ltd announced the sale of its entire luxury project in Gurugram, comprising 1,137 flats each costing Rs 7 crore and above, for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities. As per DLF CEO Ashok Tyagi and Group Executive Director Aakash Ohri the sales bookings of USD 1-billion within such a short span as historical and a record in Indian residential real estate market. DLF, which is India's largest realty firm in market cap, will most likely become the biggest player during this fiscal in terms of sales bookings as well. After a gap of 10 years, DLF last month pre-launched a group housing project, 'The Arbour', on Golf Course Extension Road, Sector 63, Gurugram. Ohri highlighted that around 90 per cent of the flats have been purchased by end-users, predominantly by Top and Senior Executives of big corporate firms. "We have sold the entire project within 3 days (February 15-17) of pre-launch for more than Rs 8,000 crore," Ohri said, adding that the project was to be formally launched on February 24. The project comprises 1,137 identical 4 BHK apartments, each of 3,950 square feet, with various luxury amenities and greenery. It will build only five towers (38-39 storeys) in this 25-acre project over the next four years. Ohri said the company received applications from around 3,600 customers. The non-resident Indians' (NRIs) share in total sales was 14 per cent. Asked about the reason for strong demand, Ohri said, "It is the latent demand for the DLF product. We have launched a group housing project in Gurugram after a gap of 10 years. The buoyancy in the residential market seen in the last two years also helped, he said, adding that people want bigger, better and branded homes. Initially, the company targeted to sell only 45 per cent of units in this fourth quarter and rest in the two subsequent quarters, Ohri said. Tyagi, the DLF CEO, noted that people are upgrading to bigger homes, especially after the Covid pandemic. He said the demand is strong across tier I and II cities amid tight supply. Tyagi said the large trusted players are gaining market shares. Earlier in the day, DLF informed stock exchanges that it has witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences The Arbour. The interest shown by discerning homebuyers in the country and overseas is clearly an endorsement of the highly aspirational DLF lifestyle, he said. In January, DLF had said it will launch this project with an estimated sales revenue of around Rs 7,500 crore.
Tags : DLF Ltd sale luxury project Gurugram flats demand premium