New Delhi, Oct 26 (PTI) Realty major DLF is expecting Rs 26,000 crore in revenue from its new super-luxury project in Gurugram at the current selling price, and the sales numbers may rise further due to high demand, its MD Ashok Tyagi said on Saturday.
DLF has done a pre-launch of its 17-acre super-luxury housing project The Dahlias at DLF 5, Gurugram, and has received a good response from the customers. It received RERA approval at the beginning of this month to launch this project.
The company will develop around 420 ultra-luxury apartments in this project. The minimum size of an apartment is 10,300 square feet.
In a conference call with market analysts, DLF MD Tyagi informed that the company expects a revenue of Rs 26,000 crore from this super luxury project.
"In RERA, what we have filed now, is the revenue of Rs 26,000 crore based on the pre-launch price. These numbers will obviously keep on going upwards as prices keep on moving," Tyagi said while replying to a query regarding the revenue potential of this project.
He expressed confidence that the company would meet sales guidance of Rs 17,000 crore for this fiscal, with a strong launch pipeline in the second half of this fiscal.
Besides this super-luxury project in Gurugram, Tyagi said the company expects to launch another housing project in Gurugram by March. It expects to launch projects in Mumbai and Goa also by March.
Elaborating more on the super-luxury project, Tyagi said the construction cost in this project will be very high at around Rs 18,000 per square foot because of expenditure on infrastructure, an artificial lake and a 4 lakh sq feet club.
The selling price currently is around Rs 1 lakh per square foot on carpet area.
DLF's subsidiary DLF Home Developers Joint Managing Director Aakash Ohri noted that this project would be a lot better than its previous super-luxury offerings 'The Camellias, which has seen few secondary market deals of over Rs 100 crore for an apartment.
"I am very humbled by the response we have got so far for The Dahlias. Today, people are looking for the best lifestyle that money can buy, and 'The Dahlias' is today that option," Ohri said.
He noted that this project would be among the best luxury properties in the world.
Ohri did not disclose the number of units launched and sold so far in this project.
Earlier, he had said that the company would sell apartments in various phases over the next 4-5 years.
Ohri said the total revenue potential of 'The Camellias' reached around Rs 12,500 crore against the initial estimates of Rs 7,000 crore.
Meanwhile, DLF has reported a 66 per cent increase in its sales bookings to Rs 7,094 crore in the first half of this fiscal on strong housing demand.
Its sales bookings stood at Rs 4,268 crore in the year-ago period.
The company has been able to achieve growth in sales bookings during the April-September period of this fiscal because of robust performance in the first quarter.
DLF's sales bookings increased 66 per cent to Rs 7,094 crore in the first half of this fiscal on strong housing demand.
Its sales bookings stood at Rs 4,268 crore in the year-ago period.
The company has been able to achieve growth in sales bookings during the April-September period of this fiscal because of the robust performance in the first quarter.
DLF's sales bookings jumped over three-fold to around Rs 6,400 crore during the first quarter of this fiscal from Rs 2,040 crore in the year-ago period.
However, in the second quarter of 2024-25, the sales bookings fell 69 per cent to Rs 692 crore from Rs 2,228 crore a year ago.
In an investor presentation, DLF pointed out that there has been a "moderation in sales on account of delay in receiving requisite approvals for new product launches".
In the current quarter, the company has received approval for its super-luxury housing project 'The Dahlias' at DLF 5, Gurugram.
"We remain on track to meet our guidance for the full fiscal," DLF said.
The company has given guidance to sell properties worth Rs 17,000 crore in the full fiscal.
DLF noted that the outlook for the residential segment continues to be strong, and its housing business continues to exhibit steady performance.
DLF is the country's largest real estate firm in market capitalisation.
The company is primarily engaged in the business of development and the sale of residential properties (Development Business) and the development and leasing of commercial and retail properties (annuity business).
On Friday, DLF reported a more than two-fold jump in its consolidated net profit to Rs 1,381.08 crore for the second quarter of this fiscal on higher income.
Its net profit stood at Rs 622.78 crore in the year-ago period.
The total income rose 48 per cent to Rs 2,180.83 crore during the July-September period of 2024-25 from Rs 1,476.42 crore in the year-ago quarter.
During the first six months of this fiscal, the company's net profit increased sharply to Rs 2,026.69 crore from Rs 1,149.78 crore in the year-ago period.
Its total income grew to Rs 3,910.65 crore during the April-September period of this fiscal from Rs 2,998.13 crore in the corresponding period of the preceding financial year.
DLF has developed more than 178 real estate projects and developed an area in excess of 349 million square feet.
It has 220 million square feet of development potential across residential and commercial segments. The group has an annuity portfolio of over 44 million square feet.