DLF Ltd, India’s largest real estate developer, said it has clocked bookings of 376 residential apartments for ₹700 crore in its project in New Gurugram, in line with its strategy to sell ready-to-move-in inventory to attract homebuyers.
The bookings were registered on the first day earlier this week, in the second phase of its premium Ultima project, which has a total of 504 apartments.
Nearly three years back, the real estate firm had said that it will construct and complete its residential projects before selling, given the tepid sentiment among homebuyers to risk buying into under-construction projects.
“...We are humbled and overwhelmed by the response to "The Ultima" and we thank our customers wholeheartedly. This immense response is a testimony of the brand value of DLF," said Aakash Ohri, Senior Executive Director, DLF Home Developers Ltd.
Ultima’s first phase was launched around 2013 with a total inventory of 400 units. The second phase comprises of ready-to-move in 3-4 bedroom apartments priced at ₹1.6 crore upwards.
Samir Jasuja, founder, PropEquity said, “The Ultima sale of ₹700 crore has brought good news for the entire real estate sector and indicates the fact that high quality ready to move in projects of leading developers at right prices will do exceedingly well."
DLF has set a sales target of ₹2700 crore for 2019-2020. The developer is currently on its way to make the residential business debt free.
In October, DLF said it has settled the entire ₹8,700 crore dues payable to DLF Cyber City Developers Limited (DCCDL), its joint venture with Singapore-based GIC, through transfer of certain commercial properties and land parcels in the group.