DLF eyes Rs 23 000 cr revenue from 247 ultra luxury unsold flats in Gurugram's 'Dahlias' project

     New Delhi, Jan 27 (PTI) Buoyed by strong sales of 173 homes for Rs 11,816 crore in its ultra-luxury project in Gurugram, realty major DLF is now aiming at least Rs 23,000 crore revenue from the remaining 247 units in its new offering 'The Dahlias' on strong demand from affluents.
     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 an investor presentation, DLF has sold 173 units having 18.5 lakh square feet area for Rs 11,816 crore.
     On the strong demand, DLF Home Developers Joint MD Aakash Ohri said, "The success we have achieved in The Dahlias project is the hard work done in The Camellias project during the past 10 years."
     He said more than 40 per cent of the 173 units sold in 'The Dahlias' project came from the existing customers of DLF who missed out on purchasing in The Camellias project.
     Around 12 per cent of units were sold to NRIs.
     Ohri said the apartments were sold in the price range of Rs 55 crore to Rs 125 crore, while a couple of penthouses were transacted at Rs 150 crore each.
     Asked about the timeline to sell the remaining units, he said, "We are taking a breather. We will make a strategy for monetising the remaining units. It should be in another 2-3 phases."
     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 approximately 2.7 million (27 lakh) square feet. Currently valued at around Rs 23,000 crore," DLF said in the presentation.
     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 launch price, the total revenue potential for this project was estimated at Rs 26,000 crore. But, now the figure is set to reach more than Rs 35,000 crore.
     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 super luxury project 'The Dahlias'.
     Its net profit stood at Rs 655.71 crore in the year-ago period.
     Total income rose to Rs 1,737.47 crore in the third quarter of this fiscal from Rs 1,643.51 crore in the corresponding period of the preceding year.
     During the April-December period of 2024-25 fiscal, the company's net profit rose to Rs 3,084.62 crore from Rs 1,803.71 crore in the year-ago period.
     Total income grew to Rs 5,648.12 crore in the first nine months of this fiscal from Rs 4,641.64 crore in the corresponding period of the preceding financial year.
     DLF is the country's largest real estate firm in terms of market cap. It has a strong presence in the Delhi-NCR and Tamil Nadu markets.
     The company has developed more than 185 real estate projects and developed an area of more than 352 million square feet since inception. The group 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.
     DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).

(This story has not been edited by THE WEEK and is auto-generated from PTI)