DLF targets Rs 1,800 crore sales revenue from new luxury project in Gurugram

New Delhi: Realty major DLF will develop a new luxury housing project in Gurugram with an estimated sales realisation of about Rs 1,800 crore, its Group Executive Director Aakash Ohri said on Monday.

DLF has launched its project 'The Grove', which is located at DLF phase-5.

"We have launched a new project which will be low-rise luxury development comprising 292 residences. The total developable area in this project is 8.5 lakh square feet," Group Executive Director and Chief Business Officer of DLF Ltd, Ohri said.

"We are expecting a sales revenue of Rs 1,700-1,800 crore from this project," he told reporters, but declined to share details of investment on the development of this new project.

In the last 20 months, Ohri highlighted that the company has successfully launched and sold independent floor worth Rs 3,000 crore.

"The independent floors market was earlier catered by unorganised players. But there was always demand for good product from good developers," he said.

Ohri noted that properties in DLF5 have shown excellent appreciation in value as well as rentals. More than 50,000 residents already live in DLF5, which features 16 acclaimed premium, luxury and super-luxury residential communities.

On the overall sales bookings of DLF Ltd for 2022-23 fiscal year, he said that the company has already given guidance of Rs 8,000 crore, and "we will stick to that".

DLF's sales bookings rose to Rs 7,273 crore in FY2021-22 from Rs 3,084 crore in the previous year.

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.

Last month, DLF Ltd launched its new luxury housing project at Panchkula in Haryana, and is targeting about Rs 1,300 crore sales revenue. The company will develop 424 independent floors in this project.

DLF is the India's largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 million square feet.

The company has 215 million square feet of development potential across the residential and commercial segments.

The DLF Group has an annuity portfolio of over 40 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (Development Business), and the development and leasing of commercial and retail properties (Annuity Business).