Luxury living takes center stage as DLF Ltd, a prominent player in the real estate realm, announces its ambitious venture – two opulent housing projects worth a staggering Rs 15,000 crore in Gurugram. The dynamic Ashok Kumar Tyagi, Managing Director of DLF, revealed this exciting news. Riding high on the success of 'The Arbour' project, which raked in a whopping Rs 8,000 crore in sales within just three days, DLF aims even higher. With a target of Rs 13,000 crore in sales bookings for the fiscal year, Tyagi is confident that DLF is set to exceed expectations.
The momentum is undeniable – in the previous financial year 2022-23, DLF recorded sales bookings of Rs 15,058 crore, witnessing more than a two-fold growth compared to the previous year. The housing market is thriving, and Tyagi emphasizes the robust demand for ultra-luxury, luxury, and mid-income residential properties. He notes a slight strain in the affordable housing sector due to increased home loan rates and housing prices.
DLF's strategy to tap into this demand encompasses a substantial launch pipeline of Rs 20,000 crore for this fiscal year. The spotlight will shine on Gurugram with two upcoming projects, one in the Southern Peripheral region (SPR) and the other on Golf Course Road. The combined sales bookings projection for these projects is approximately Rs 15,000 crore.
Delving deeper into DLF's plans, Tyagi highlights their intention to launch a residential tower in Moti Nagar, a project in the Tricity of Chandigarh, and one in Mumbai within this fiscal year. Although projects in Chennai and Goa might spill over into the next fiscal year, DLF's commitment to expansion is unwavering.
Reflecting on the current quarter, Tyagi acknowledges the unexpected success of 'The Arbour' project, which was expected to be fully sold out by September. However, all units were snatched up within days of its Q4 launch in the previous fiscal year, leading to flat sales bookings of Rs 2,040 crore in the current quarter.
DLF's expansion plans extend beyond Gurugram. With a keen focus on markets in Delhi-NCR, Tricity, Chennai, Goa, and Mumbai, DLF is on the lookout for promising land deals. While there are initial discussions regarding potential land acquisitions in Gurugram, no concrete developments have emerged.
In a philanthropic gesture, billionaire K P Singh, Chairman Emeritus of DLF, plans to establish a charitable foundation using the proceeds from the sale of his equity shares in DLF.
DLF's financials showcase a promising outlook, with a 12% rise in consolidated net profit at Rs 527 crore in the first quarter of the fiscal year. Total income showed a marginal increase, reaching Rs 1,521.71 crore in the April-June period of the current fiscal year.
DLF's journey continues with an unwavering commitment to quality living and remarkable growth in the real estate sector, solidifying its position as India's largest realty firm in terms of market capitalization.