DLF plans to launch luxury housing projects at DLF phase-5 in Gurugram, Goa and Mumbai during this financial year.
Realty major DLF has set a 15% growth target in sales bookings this fiscal at ₹17,000 crore as it plans to launch many luxury housing projects across Gurugram, Goa and Mumbai amid strong consumer demand, its MD Ashok Tyagi said.
The company’s sales bookings fell 2 per cent annually to ₹14,778 crore in the last fiscal from a record ₹15,058 crore a year ago.
In an earning call with analysts, Tyagi said the company has achieved consistent sales bookings of around ₹15,000 crore in the last two financial years.
He said the company has provided a sales bookings guidance of ₹17,000 crore for the current financial year.
DLF Home Developers Ltd Joint MD Aakash Ohri said the company would launch luxury housing projects at DLF phase-5 in Gurugram, Goa and Mumbai during this financial year.
On Monday, DLF announced that it would launch projects worth ₹36,000 crore this fiscal year.
When analysts asked about the reason for conservative sales bookings guidance, Ohri said the company would not stop sales after reaching the ₹17,000 crore mark.
However, he said the price point of the upcoming project in DLF Phase 5, Gurugram would be high.
“We will not compromise on the price point and also the quality of customers,” Ohri said.
The upcoming DLF phase 5 project in Gurugram would be better than its ultra-luxury housing project ‘The Camellias‘ where recently an apartment was sold for ₹100 crore in the secondary market.
According to an investors’ presentation, DLF said that out of total sales bookings last fiscal, 82 per cent contribution came from new launches. Its luxury housing project ‘DLF Privana South‘ at Sector 76/77, Gurugram contributed ₹7,200 crore.
The company achieved sales bookings of around ₹1,200 crore from Chandigarh Tri-city. It also sold commercial SCOs (shop-cum-office) for about ₹1,240 crore. Independent floors in Gurugram were sold for ₹1,215 crore.
“Sustained demand momentum for completed inventory,” DLF said, adding that sales worth ₹1,580 crore were clocked in its ultra-luxury project ‘The Camellias’.
DLF also sold a land parcel in Chennai for ₹735 crore.
To sustain and grow its sales, DLF has given aggressive guidance for launches in the current 2024-25 fiscal.
“The demand momentum in the residential segment is expected to stay strong and consequently we remain focused on bringing a calibrated supply across multiple micro markets,” the company said.
DLF plans to launch 11.6 million square feet of new products during FY25.
The estimated sales potential of these launches is approximately ₹36,000 crore, of which over ₹33,000 crore would be in the luxury housing segment.
During 2023-24, the company launched 5.9 million square feet of area worth ₹9,870 crore.
On Monday, DLF reported a 62 per cent increase in its consolidated net profit to ₹920.71 crore in the quarter ended March as against ₹570.01 crore in the year-ago period.
Total income rose to ₹2,316.70 crore in the fourth quarter of the 2023-24 fiscal from ₹1,575.70 crore in the corresponding period of the previous year.
During the 2023-24 fiscal, the company’s net profit increased to ₹2,727.09 crore from ₹2,035.83 crore in the preceding year.
Total income grew to ₹6,958.34 crore during the last fiscal from ₹6,012.14 crore in the 2022-23 financial year.
DLF is the country’s largest real estate firm in terms of market capitalisation.
It has developed more than 158 real estate projects and an area in excess of 340 million square feet.
DLF Group has 215 million square feet of future development potential across residential and commercial segments.
DLF group is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business). It has an annuity portfolio of over 44 million square feet with an annual rental income of more than ₹4,000 crore.
Source : HT
