DLF sells 88 independent floors for Rs 300 cr, plans more such projects

DLF has sold nearly 90 independent floors worth over Rs 300 crore in Gurugram and plans to launch more such projects as demand for premium residential properties has revived in last few months

Realty majorDLF Ltd has sold nearly 90 independent floors worth over Rs 300 crore in Gurugram and plans to launch more such projects as demand for premium residential properties has revived in last few months.

The company plans to launch independent floors in DLF Phase I-IV at Gurugram, New Gurugram and Panchkula among others.

"Recently we launched 88 residences in form of premium independent floors (at a price point of Rs 3.75 - 4.25 crore each), spread across 22 plots, in the DLF City Phase 3...in Gurugram. These were sold out in a record time," said Aakash Ohri, Sr Executive Director Sales & Director, DLF.

The company plans to launch similar products in Panchkula, Tri-city, New Gurgaon and wherever there is an opportunity in DLF phase 1 to 4, he told PTI.

"With an improved attractiveness for real estate as a preferred asset class, against other traditional alternatives, home buyers are looking at safeguarding their accumulated savings by investing in a more long-term asset," Ohri said.

He said plotted developments continue to remain an attractive investment option due to lower investment cost, vis- vis ready-to-move in properties.

Plots/plotted developments offer high returns, he added.

Ohri said the COVID-19 pandemic has led to demand gravitating towards organised and trusted developers.

In terms of consumer profile, he said that apart from local buyers, NRIs comprise a substantial part of the buyer base that invests in plots/plotted developments.

"Plotted developments have witnessed a manifold appreciation in investment in the past few years. For example, according to a recent research untaken by a leading property analytics firm, plots in DLF City phase 1-4 in Gurugram, have witnessed an average appreciation of 229% from 2009 to 2019," Ohri said.

DLF, the country's largest realty firm, is targeting to achieve sales bookings of Rs 2,500 crore in the ongoing fiscal, marginally better than previous year, despite the COVID-19 pandemic.

During the 2019-20 financial year, DLF's sales booking stood at Rs 2,485 crore.

DLF's whole-time director Ashok Tyagi had recently said: "Demand is coming back in the housing market. Enquiries from prospective home buyers are rising."

The COVID-19 pandemic has led people to think about home ownership, he had said.

DLF's sales bookings in the first half of this fiscal crossed Rs 1,000 crore as sales in the second quarter rose sharply to Rs 853 crore from Rs 152 crore in the previous quarter.

"We are targeting to achieve Rs 750 crore sales each in the December and March quarters," Tyagi had said.

DLF has posted 48% decline in its consolidated net profit at Rs 232.14 crore for the quarter ended September 2020. Its net profit stood at Rs 445.83 crore in the year-ago period.

Total income fell to Rs 1,723.09 crore in the second quarter of this fiscal from Rs 1,940.05 crore in the corresponding period of the previous year.

DLF's net debt stood at Rs 5,215 crore at the end of the September quarter.