Luxury living: DLF aims for Rs 23,000 crore in sales from dahlias project
This new project is the second ultra-luxury offering from DLF after the successful delivery of 'The Camellias' at the same location
Buoyed by strong sales of 173 homes for Rs 11,816 crore in its ultra-luxury project in Gurugram, realty major DLF is now targeting at least Rs 23,000 crore revenue from the remaining 247 units in its new offering 'The Dahlias'.
In October last year, DLF launched its 17-acre super-luxury housing project 'The Dahlias' at DLF phase 5 in Gurugram, comprising 420 apartments and penthouses.
This new project is the second ultra-luxury offering from DLF after the successful delivery of 'The Camellias' at the same location.
The minimum size of an apartment is 10,300 square feet.
According to investors' presentation, DLF has sold 173 units having 18.5 lakh square feet area, for Rs 11,816 crore.
The average realisation was around Rs 70 crore per residence. The average per square feet rate is around Rs 64,000 for saleable area and Rs 1,05,000 for carpet area.
"Balance area to be sold 2.7 million (27 lakh) square feet. Currently valued at around Rs 23,000 crore," DLF said in the presentation.
On bumper sales in this project, DLF Group Chief Executive Officer (CEO) Ashok Tyagi had said on Saturday there has been a "very strong underlying demand" for this exclusive offering.
DLF will invest around Rs 8,000 crore over the next 4-5 years on the construction of this new project, comprising 74 lakh square feet of built-up area and 45 lakh square feet of saleable area.
On the basis of the launch price, the total revenue potential for this project was estimated at Rs 26,000 crore. But the figure could reach more than Rs 35,000 crore as the company will be selling the remaining units in a staggered manner.
Post-COVID pandemic, the demand for luxury homes across major cities in India has surged as super-rich are lapping up bigger, better and branded homes.
On Friday, DLF reported a 61 per cent increase in its consolidated profit to Rs 1,058.73 crore for the quarter ended December while sale bookings hit an all-time high of Rs 12,093 crore driven by the super luxury project 'The Dahlias'.
(Except for the headline, nothing has been changed by All India News Network in the PTI copy.)
