December 26, 2023 |
DLF to launch luxury housing project in Gurugram with apartments starting from Rs 7-8 crore
The project will be launched in January 2024 with a top line of Rs 10,000 crore, say industry sources.
Listed real estate developer DLF is likely to launch a luxury residential project in sector 76 in Gurugram abutting Southern Peripheral Road (SPR) with an expected top line between Rs 8,000 crore and Rs 10,000 crore, industry sources privy to the development said.
They said that the formal launch is expected in January 2024 and is touted to be the DLF’s most significant residential launch after ‘The Arbour’ earlier this year.
“The project is expected to be launched in a price bracket of Rs 17,000 to Rs 18,000 per square foot offering super-luxury residences. The project is likely to offer 1,100 premium residences with the cost of one apartment likely to start from Rs 7 crore to Rs 8 crore,” industry sources said.
They said that this project also marks DLF’s maiden venture in the SPR area of Gurgaon, a move to expand its horizons beyond its established luxury and super luxury residences along the Golf Course Road in Gurugram.
Integrated township
People aware of the matter said this expansion to the SPR area aligns with DLF’s broader vision of developing an integrated township sprawling 120 acres in Gurugram. The ecosystem will be called ‘Privana’ and the project is likely to be named ‘Privana South’ as it will be part of the integrated township, sources added.
They said that the upcoming projects are also being touted as phase-2 of its earlier launched ‘The Arbour’. The upcoming luxury housing project is likely to spread across 25 acres.
DLF declined to comment on the development.
The financials
DLF had reported a consolidated net profit of Rs 629 crore in the second quarter of this fiscal, up 29 percent year on year (YoY). Total income from operations rose to Rs 1,476 crore in July-September of 2023-24 from Rs 1,360 crore in the year-ago period.
The company’s sales bookings touched Rs 2,228 crore in Q2 with gross margins at 57 percent. DLF achieved net cash-positive status during the quarter. In a regulatory filing on October 31, DLF had said it was targeting sale bookings of about Rs 13,000 crore during this fiscal on the back of strong demand and will launch several new projects by March 2024.
Earlier this year, DLF’s luxury high-rise housing project ‘The Arbour’ witnessed record breaking pre-formal launch sales of more than Rs 8,000 crore. It was sold out completely before the official launch.
source : Money Cantrol
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