DLF aims Rs 1,300 cr sales revenue from new project in Haryana

New Delhi: Realty major DLF Ltd is targeting about Rs 1,300 crore sales revenue from its new luxury housing project at Panchkula in Haryana on better demand for independent floors, a senior company official said.

DLF has launched a new 34 acre project Valley Gardens at Panchkula.

"We are developing 424 independent floors in this project. The construction work will start after the monsoon season and the project will get completed in the next three years," DLF's Group Executive Director and Chief Business Officer Aakash Ohri told PTI.

The floors will be of around 3,500 square feet area each. There will be four floors on 500 square yards plot.

Asked about project cost and sales realisation, Ohri said: "We own this land historically. We expect a sales realisation of about Rs 1,300 crore from this project." The company has initially launched 200 independent floors. It will launch the remaining in two tranches.

The project, nestled in the foothills of the Shivaliks, supplements the existing 175-acre site of The Valley, a residential development in Panchkula and home to over 1,400 families.

"In the past two years, we have witnessed a good response to low-rise independent floors by buyers in the Delhi-NCR region," Ohri said.

He noted that independent floors have always been in demand in North India, but there was not enough supply.

Ohri said the supply has now improved.

DLF has launched independent floors in Gurugram.

Meanwhile, DLF Ltd is targeting a 10 per cent growth in its sales bookings to about Rs 8,000 crore this fiscal.

Its sales bookings jumped to Rs 7,273 crore in 2021-22 fiscal from Rs 3,084 crore in the previous year.

Already, in the first quarter of this fiscal, DLF's sales bookings doubled to Rs 2,040 crore from Rs 1,014 crore in the year-ago period.

DLF is the largest real estate company in terms of market capitalisation. It has so far developed more than 153 real estate projects comprising over 330 million square feet of area.

The group has 215 million square feet of development potential across residential and commercial segment.

DLF group has a rent-yielding commercial portfolio of over 40 million square feet.

It holds bulks of rental assets in DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between the company and Singapore's sovereign wealth fund GIC.

DLF reported a 39 per cent increase in its consolidated net profit at Rs 469.57 crore in the quarter ended June on better sales.

Its net profit stood at Rs 337.10 crore last year.

Total income rose to Rs 1,516.28 crore in the first quarter of this fiscal from Rs 1,242.27 crore in the corresponding period of the previous year.