Realty major DLF Ltd has announced the sale of a luxury project in Gurugram in Haryana, comprising 1,137 flats each costing Rs 7 crore and more, for over Rs 8,000 crore within just three days.
DLF CEO Ashok Tyagi and group executive director Aakash Ohri told PTI that the sales bookings of USD 1 billion within such a short period was “historical” and a record in India’s residential real estate market.
Tyagi put the overall sales bookings of DLF in the current fiscal at around Rs 15,000 crore, up from Rs 7,273 crore in the previous year.
DLF, India’s largest realty firm in market cap, will most likely become the biggest player during this fiscal in terms of sales bookings as well.
After a gap of 10 years, DLF last month pre-launched a group housing project, The Arbour, on Golf Course Extension Road in Sector 63, Gurugram, bordering Delhi in Haryana.
“We have sold the entire project within three days (February 15-17) of pre-launch for more than Rs 8,000 crore,” Ohri said.
The project is made up of 1,137 identical 4 BHK apartments, each of 3,950 square feet, with luxury amenities and greenery.
Ohri said the company received applications from around 3,600 customers.
“We allotted flats through a lottery system,” he said, adding that the booking amount worth Rs 800 crore had already been received from the buyers.
Ohri highlighted that around 90 per cent of the flats have been purchased by end users, predominantly by top and senior executives of big corporate firms.
The non-resident Indians’ (NRIs) share in total sales was 14 per cent.
Asked to explain the reason for the strong demand, Ohri said: “It is the latent demand for the DLF product. We have launched a group housing project in Gurugram after a gap of 10 years.”
The buoyancy in the residential market seen in the last two years also helped, he said. People, he added, were looking for bigger, better and branded homes.
Tyagi, the CEO, said people were upgrading to bigger homes, especially after the Covid-19 pandemic. He said the demand was strong across tier I and II cities due to tight supply.
Earlier, DLF informed stock exchanges that it has “witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences The Arbour”.
In January, DLF said it will launch this project with an estimated sales revenue of around Rs 7,500 crore.
DLF achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal. DLFs sales bookings stood at Rs 4,544 crore in the year-ago period.
DLF has launched residential projects in Delhi, Gurugram, Panchkula and Chennai this fiscal.
(With agency inputs)