BackDLF all set to launch 2 luxury housing projects in Gurugram worth ₹15,000 crore: MD Ashok Tyagi
After the success of sales of ₹8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of ₹13,000 crore in this fiscal year and hopes to exceed the number.
PremiumTo expand its business amid strong demand for premium homes, realty major DLF Ltd will launch two luxury housing projects worth ₹15,000 crore in Gurugram during the second half of this financial year, news agency PTI quoted its Managing Director Ashok Kumar Tyagi as saying.
After the success of sales of ₹8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of ₹13,000 crore in this fiscal year and hopes to exceed the number.
DLF posted sales bookings of ₹15,058 crore during the 2022-23 financial year, which is a more than two-fold increase from ₹7,273 crore in the previous year.
Tyagi also spoke about the overall housing market and noted that the demand for ultra-luxury, luxury, and mid-income residential properties is very strong.
He mentioned that there is some stress in the affordable housing segment citing the the rise in interest rates on home loans and an increase in housing prices.
On plans, Tyagi said, "The company has created a launch pipeline of ₹20,000 crore for this fiscal.
"Launches this year will be predominantly driven by two launches in Gurugram - one in Southern Peripheral Road (SPR) and the other in Golf Course Road," Tyagi said.
The estimated sales bookings value of these two upcoming projects in Gurugram is about ₹15,000 crore, as DLF owns land parcels for these two projects in Gurugram.
Apart from this, Tyagi also said that his firm would also launch one residential tower in its project at Moti Nagar here, one in Tricity of Chandigarh, and one in Mumbai this fiscal.
"Launches in Chennai and Goa might spill to next fiscal year," Tyagi said.
Earlier this month, Singh sold his entire remaining stake in DLF for around ₹731 crore.
Recently, DLF reported a 12 percent rise in consolidated net profit at ₹527 crore in the first quarter of this fiscal. The company's net profit stood at ₹469.57 crore in the year-ago period.
Total income rose marginally to ₹1,521.71 crore in the April-June period of the 2023-24 financial year from ₹1,516.28 crore in the year-ago period. DLF's net debt stood at ₹57 crore as of June 30, 2023, as compared to ₹721 crore at the end of the 2022-23 fiscal.
During the period under review, the company's gross debt also fell to ₹3,068 crore from ₹3,840 crore.
With agency inputs.
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