Saturday, April 1, 2023

DLF to invest around Rs 3,500 crore in next 4 years to build housing project in Gurugram – Usky News

New Delhi: Realty Head DLF A new luxury house will be built in the next four years with an investment of about Rs 3,500 g project Gurugram as it seeks to tap the strong demand for residential properties.
DLF will develop a new group housing project ‘The Arbor’, which is spread over 25 acres and comprises 5 towers with a total of 1,137 premium apartments.
DLF, the country’s largest real estate firm by market cap, sold all 1,137 units, each priced at Rs 7 crore and above, for over Rs 8,000 crore within 3 days (February 15-17).
In an interview with PTI, CEO of DLF Limited Ashok Tyagi said, “We will develop about 45 lakh square feet of area in this new project.”
When asked about the construction cost, he said it would be between Rs 7,000-8,000 per sq ft considering the amenities promised in this luxury project.
Tyagi said the increase in the prices of key materials like cement and steel has led to an increase in the overall construction cost.
DLF Group Executive Director, the total construction cost over the next four years will be around Rs 3,500 crore Akash Ohri Said.
DLF sold apartments at Rs 18,000 per sq ft in this project located on Golf Course Extension Road in Sector 63.
Ohri said the rate quoted by DLF was higher than the current market price of Rs 14,000-16,000 per sq ft in the area.
DLF will build 1,137 identical 4BHK apartments, each of 3,950 sq ft in size, in the new project.
Both Tyagi and Ohri described the sale bookings in the project in such a short span of time as “historic” and “a record” in the Indian residential real estate market.
Asked about DLF’s total sales bookings in the current financial year, Tyagi said the company has achieved sales bookings of over Rs 6,500 crore during the April-December period of the current financial year.
With sales of over Rs 8,000 crore in this project and miscellaneous sales in other projects, he said the total sales booking should be close to Rs 15,000 crore in 2022-23.
The company had booked sales of Rs 7,273 crore in the last financial year.
On DLF likely to become India’s largest realty firm this fiscal in terms of sales bookings, Tyagi said, “We are not in that race.”
“We want to remain the most profitable real estate company in the country with the highest margins on a sustainable basis,” the DLF CEO asserted.
Asserting that the market sentiment remains strong, Ohri said the company plans to launch several projects in the tri-city of Delhi-NCR, Chennai and Chandigarh to capitalize on this spurt in demand.
Ohri said that DLF has a license for land parcels at these locations and will launch it after taking necessary approvals.
DLF CEO Tyagi said that people are upgrading to bigger homes, especially after the Covid pandemic.
He added that demand is strong in Tier I and Tier II cities amid short supply.
Tyagi said the big players are gaining market share.
DLF has two verticals – the development business which is housing and the rental business where it builds commercial projects (offices and malls) and then leases them out to corporates and retailers.
Till date, the company has developed over 153 real estate projects and an area of ​​over 330 million sq.ft.
DLF Group has a development potential of 215 million sq ft in residential and commercial sectors.
The rent-yielding commercial properties are largely held by DLF Cyber ​​City Developers Limited (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF holds around 67 per cent stake in the joint venture.


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