DLF eyes Rs 400 cr revenue from new 92 independent floors in Gurugram

Realty major DLF expects a revenue of around Rs 400 crore from sales of 92 luxury independent floors which it will develop on corner plots in Gurugram, its Executive Director Aakash Ohri said.

The company has many corner plots in Gurugram and is launching 92 independent floors. These floors will be sold in a price range of Rs 4-5.5 crore each with size between 2,400 square feet and 3,100 square feet.

"We are launching more independent floors in Gurugram as demand is huge for this premium product," DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI.

He said the company is expecting a sales revenue of Rs 400 crore from these 92 independent floors. 

"We have launched and sold independent floors worth Rs 7,650 crore in Gurugram and Chandigarh tri-city (Chandigarh, Mohali and Panchkula)," Ohri said.

Recently, DLF Managing Director Ashok Kumar Tyagi had said the company would launch two luxury housing projects worth Rs 15,000 crore in Gurugram during the second half of this financial year to expand its business amid strong demand for premium homes.

The company sold Rs 8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram.

During the 2022-23 financial year, DLF posted sales bookings of Rs 15,058 crore, a more than two-fold increase from Rs 7,273 crore in the previous year.

The company has set a target of Rs 13,000 crore during the 2023-24 financial year.

Recently, DLF reported a 12 per cent rise in consolidated net profit at Rs 527 crore in the first quarter of this fiscal. The company's net profit stood at Rs 469.57 crore in the year-ago period.

Total income rose marginally to Rs 1,521.71 crore in the April-June period of the 2023-24 financial year from Rs 1,516.28 crore in the year-ago period. DLF's net debt stood at Rs 57 crore as on June 30, 2023, as compared to Rs 721 crore at the end of the 2022-23 fiscal.

During the period under review, the company's gross debt also fell to Rs 3,068 crore from Rs 3,840 crore.

DLF is India's largest realty firm in terms of market capitalisation. It has developed more than 158 real estate projects and an area of over 340 million square feet.

The Group has 215 million square feet of development potential across residential and commercial segments. It has an annuity portfolio of over 42 million square feet.